The premiums for cash-value policies are considerably higher than for term policies. Universal life allows the customer flexibility in choosing and changing the terms of the policy. As long as you pay the minimum required to maintain the death benefit, you can choose how much you add to the reserve fund. Variable life gives the policy holder the choice of investing in stocks, bonds and money market funds. Civil rights and unfair business practices laws may also protect people from being discriminated against because they do not speak English.
Funerals can be a major expense.
You might want to spare your survivors expense and trouble by making sure your life insurance coverage is enough to pay for your funeral and burial expenses. In order to decide how much to allow for fu-neral expenses, you can compare options now. Before you sign a contract for either service, check that the company is licensed by calling the appropriate government regulatory agency in your state. They may try to sell you the policy that gives them the biggest commission-not the one that provides you with the most value. A good agent has a broad knowledge of the industry and can guide you to the best choice for your needs.