The low and level initial premiums make term insurance attractive. Term insurance may be appropriate for insured’s with temporary or high protection needs, and low availability of cash flow or to supplement permanent life insurance. However, term premiums will eventually increase and eventually will likely exceed the level premiums that could have been had with a permanent policy and you will not have had the buildup of any cash values. Term insurance often offers the opportunity to convert to permanent life insurance policy prior to the end of the term without having to provide evidence of insurability.

A form of permanent insurance, Indexed Universal Life (IUL) provides both premium flexibility and death benefit flexibility, allowing you to adjust your policy according to your life insurance needs. It offers options such as coverage amounts that may be increased or decreased, and premiums that you can vary based on your finances as long as there is enough money in the account to pay for the monthly insurance and administrative charges. Indexed Universal Life also offers the option of having your cash value accumulate at interest based on the changes of a major market index and often includes a choice of Living Benefit riders.

Survivorship life insurance covers the lives of two individuals with one policy. It pays a death benefit after both insured’s have passed away. The cost for this policy is usually lower than the cost of two individual policies.