Life Insurance: What are your options?

Choosing the right type of insurance can set the stage for financial security and peace of mind throughout your marriage. Talk to a licensed insurance agent about these five popular types of life insurance.

Term Life.
The least expensive option can also provide your family with the best benefits. You lock in a flat premium, usually less than the cost of a dinner with your bride. That rate stays with you for a term of ten to thirty years. In return, your heirs receive large, tax-free benefit if you die during the term.

Whole Life.
Whole life policies allow you to invest money into an account that pays out a cash benefit when you die. The insurance company manages the cash, so select a company with the highest independent ratings. Though your death benefit probably won’t be as high as that of a term life policy, you can “cash out” your policy if you run into financial struggles down the road.

Variable Life.
A variable life policy supplements your other investments. Like a whole life policy, you pay fixed premiums every month. This time, you choose where your insurance company stashes your premiums. You can even borrow against your policy when making a major purchase. This can be risky, so work with a professional agent.

Universal Life.
Like a whole life account, you invest a premium every month into a cash account managed by your insurance company. In this case, you can choose to send in more money whenever you like in order to grow the amount of your benefit.

Universal Variable Life.
One of the most flexible types of policies, you can choose both the premium amount you send in every month and the investments your company uses to grow your benefits.

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