Most people need different levels of life insurance coverage at various times during their lives. Here are some of the reasons they seek the protection of life insurance: enabling loved ones to maintain their lifestyle, caring for children, paying college tuition, providing for elderly parents, paying off mortgages, car loans and other sizeable debts, paying estate taxes, and covering final expenses.

There are several types of insurance that can be used singly or in combination to meet changing needs. They fall into two basic groups: temporary and permanent.

TEMPORARY LIFE INSURANCE Temporary insurance policies provide protection only during the defined period of time for which the policy is written.		PERMANENT LIFE INSURANCE Permanent life insurance policies provide protection throughout your entire lifetime.
Term Insurance Insurance is issued for a “term,” or defined period of time: typically anywhere from 1 to 30 years. Beneficiaries are paid the entire amount of the value of the policy if you die during the term. Generally, term insurance provides the largest immediate amount of protection for the lowest cost. This insurance often meets the needs of individuals with young families who need protection now with an option to convert to permanent coverage later.		Whole Life Insurance These policies provide the security of lifetime insurance protection with the advantages of tax-deferred cash accumulation. Premiums are guaranteed to remain at the same level throughout the life of the policy. The premiums and interest accumulate in whole life policies, and represent assets from which the policy owner may borrow when necessary. In these cases, the amount of the loan is deducted from the payout in the event of death.
Group Life Insurance Typically, such insurance is offered as a benefit through an employer, union or alumni organization. Premiums are usually lower for young employees and higher for older ones.		Universal Life Insurance Universal Life policies combine the security of lifetime insurance protection with the advantages of policy flexibility and tax-deferred cash accumulation. This type of policy can provide great flexibility, allowing the owner to increase or decrease death benefits according to their changing needs without having to purchase a new policy. Owners can also increase, decrease or cease paying premiums altogether, if the policy has sufficient cash value.
		Variable Universal Life Insurance This type of policy combines the security of lifetime insurance protection with policy flexibility and tax-deferred cash accumulation through investments. The primary difference between Variable Life and other forms of permanent coverage is the flexibility and growth potential it offers. Policy owners determine the risk level with which its assets are invested. Within limits, policy owners can increase or decrease their death benefits and can increase, decrease or cease paying premiums altogether, provided the policy has sufficient cash value. Generally, people who buy these policies like the idea of controlling how their cash values are invested and are willing to assume some market risk to create a life insurance program that adjusts to economic conditions.