Consult your attorney about whether an insurance trust may be justified. An insurance trust enables you to keep insurance proceeds outside of the estate, both reducing the taxable estate size, and providing important liquidity. This can get quite complex, so should not be entered into without extensive professional participation. We are happy to work with customers individually in helping you determine these needs. That depends on your time horizon and whether you wish to have a policy that grows in value.
Term insurance costs less over the short run.
If you have a need for a specific period of time and are on a limited budget, buy term. We work with you on analyzing the best, most economical, choice, or combination of choices, for you.