How Much Life Insurance Is Right For Me? 
Determining the right life insurance policy to purchase is a product suitability question . Life insurance has two options : term and permanent . If your financial liabilities , future obligations and charitable intent are temporary , then buy term life insurance . But if theyre permanent buy permanent life insurance . But the total amount of these items can determine your amount of coverage . Term life insurance is generally offered in five year increments like 5 , 10 , 15 , 20 and 30 years . Permanent life insurance can cover you to age 121 . Permanent life insurance is offered in five types : Participating whole life , guaranteed universal life , current assumption universal life , indexed universal life and variable universal life . Youll need to determine your planning model for life insurance . Is it for protection , tax advantages income or next generation use ? And in addition is your risk tolerance . 