What Kind Of Life Insurance Should I Buy? 
There are many choices of life insurance available to you . The main stream life insurance products are term life , universal life , variable life and whole life . Each one has a specific purpose . Term life insurance is meant to coverage a specific period of time . The common terms are 1-5-10-15-20-25-30-35 years . This means the rate or premium you purchase is guaranteed level for that period of time regardless of change in health , life style or occupation . Term life is commonly used for younger people starting out in life , covering a large debt , life a mortgage on a home or business debt , or covering for a young child 's education . term life insurance allows for the largest face amount for the smallest premium payments . Universal life and variable life are permanent life insurance solutions that build cash value . Typically the premiums are more expensive and the face amounts are less because part of the premium is going into a cash value fund that can be invested with numerous options . The cash value can later be used for retirement , college funds , critical or chronic illness or even to purchase a large asset like a home . The universal and variable options are typically more aggressive with the cash value funds . The last option , whole life insurance , is very similar to the previous universal life insurance options . However , the cash value funds are typically a fixed percentage of growth . Whole life as it 's name suggests is primarily meant to cover you for your entire life . I recommend using an experienced independent life insurance broker with numerous carriers to shop the market and find you the best product at the best price for your unique situation . Good luck . 