Life Insurance Basics: What type should you buy?


Life insurance can be a daunting and complicated process but in reality, it’s incredibly simple. For basic family protection, the only kind of life insurance you need is term insurance.

But there are so many options out there?! Salespeople are offering other permanent products such as whole life, universal life, variable universal life? We get it – it can get confusing!

In short, the aforementioned products are just not necessary when it comes to life insurance protection for your family. When you go shopping for a vehicle to get your family around town, you don’t include rock star tour buses in your search – while it might be fun, it’s just not what they were built for and you would be purchasing features you and your family just don’t need. 

Same thing goes for life insurance. Whole life, universal life and variable life products are not completely useless – they are just super expensive and built for other uses than protecting your family.

The best approach to protecting your family is to rent protection for the amount of time it is going to take to build up your savings and ‘self insure’. Which is precisely what term insurance does – if something happens to you during the term of the policy and you are unable to provide for your family in the same way – then your family will get paid the amount of coverage you bought. It’s actually as simple as that!

Thank you!

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