Another common question about life insurance is: what type of life insurance do I need? There are two main types of life insurance: term and permanent (also called whole life). The main difference between the two types of insurance is the length of coverage. Term life plans offer coverage for a fixed period, which typically last between 10 and 30 years. If the insured does not pass away during the policy term, the plan does not pay out a death benefit. Whole life plans provide coverage for life, this means that as long as the premiums are paid, the policy is guaranteed to pay out a death benefit. You may think that it makes sense to choose the policy that provides the longest possible coverage but in many cases, this isn’t the best fit. Term plans are much more affordable, so if the expenses you’d like to leave coverage for only last for a set period of time, you may find better value from term with its fixed length plan. Another consideration is the amount of coverage you need. Term policies are generally much cheaper allowing you to get much more coverage for your budget. However, if your coverage needs last for the duration of your life, for example you’re planning for your end of life expenses, you should consider a permanent life insurance plan. Our team of licensed agents is here to discuss your coverage options to help you get the best fit.