The two broad types of life insurance are term life insurance and cash value life insurance.  There are many varieties within each of these two categories, and life insurance can be purchased to meet a variety of individual and family needs.  It is very important to identify and evaluate your life insurance needs prior to considering the purchase of any life insurance policy.  

Living Benefits
In the past, life insurance offered peace of mind for those affected by a death, but needs are growing. With the advances in medicine and life-saving technology that we continue to enjoy, more and more people are surviving surgeries and serious illnesses. Related disabilities, however, often cause emotional strain and financial burdens. To provide choices to those who have a serious illness or disability, some life insurance companies now make it possible for policyholders to collect part of their benefits early, thus relieving some of that financial burden. These living benefits are not intended to replace health insurance or long-term care insurance, but they can provide you with cash benefits at a time when unplanned expenses threaten your financial well-being.

Do you need life insurance?

If you answer "yes" to any of the following questions you need some life insurance. Do you have:

• A mortgage?  Auto Lease?  Car payment?
• A spouse? Kids at home? Other Dependents?
• Business leases? Business loans? Business partners?
• An estate worth more than $600,000?

In short, you need insurance...

1. If you love somebody, or
2. If you owe somebody, or
3. If you are somebody

• If you have no financial obligations to protect after 20 years, term insurance might be perfect.

• Obligations over 20 years require other more permanent plans such as universal life insurance.

• Many clients require a mix of term and permanent insurance.
• The best policy to buy is the one you can afford, both now and in the years to come.

• There are too many variables to give a simple answer. This is the hardest part of the process.
• There are no good "rules of thumb." You need to talk to a good independent advisor, one who will have your interests at heart and recommend the best financial products to meet your needs.