How Do I Buy Life Insurance? 
The first consideration in purchasing a life insurance policy is to determine what planning goal you are attempting to achieve : indemnification , income or inheritance . Indemnification can be temporary or permanent . If the economic liability is temporary then term life insurance which -LRB- depending upon your age -RRB- can be purchased up to 30 years . If the economic liability is permanent then guaranteed universal life can be purchased to age 121 . Income and inheritance planning goals require permanent life insurance policies . Income goals with life insurance are generally considered because of the tax advantages and crediting method options : For market risk investing , variable universal life insurance . For domestic and foreign indice investing , indexed universal life . For interest rate investing , current assumption universal life insurance or participating whole life insurance . For inheritance , guaranteed universal life -LRB- GUL -RRB- insurance for singles and GUL survivorship for couples . 