Which Type Of Life Insurance Should I Buy? 
With a few tactical answers to a data collector , recommendations can be made . First what is your planning goal ? Is it an indemnification , income and inheritance scenario ? How long do you need to cover your financial scenario ? What is your medical condition , including smoking status ? Term life insurance provides temporary coverage for a temporary financial liability to indemnify your beneficiaries from economic loss at your demise . If that financial liability is ongoing beyond 30 years , youll need a permanent life insurance policy like guaranteed universal life or whole life insurance . If your financial goal is income , you should review participating whole life or current assumption universal life . Current assumption universal life has three crediting methods : interest rate , domestic/foreign indices or equity/bond subaccount . If your financial goal is to make a difference in your children , grandchildren , favorite charity or pay estate taxes , then survivorship policies for married couples and single policies for singles using guaranteed universal life or whole life insurance . 