Which Life Insurance Should I Choose? 
Life Insurance is a mortality product constructed to cover temporary -LRB- term insurance -RRB- or permanent -LRB- permanent insurance -RRB- financial liabilities . Is your financial liability temporary or perpetual ? Term life insurance is generally offered in increments of 5 , 10 , 15 , 20 and 30 years . Permanent life polices can cover you to age 121 and has five policy types : Participating whole life , guaranteed universal life , current assumption universal life , indexed universal life and variable universal life . There are three major planning categories for life insurance : indemnification , income and inheritance . First , determine which planning category you need . If the planning category is indemnification and/or inheritance then determine is the need temporary or permanent ? The solution is either term or guaranteed universal life insurance . If the planning category is income , life insurance can be a supplemental retirement alternative . Here 's some product alternatives : current assumption universal life insurance with three crediting methods : interest rates , indices and separate sub account performance using the lowest TAMRA compliant death benefit option . For income , you may also want to look at TAMRA compliant lowest death benefit , participating whole life , with a max term rider and a paid up additions rider . 