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TERM life and WHOLE life insurance are the two traditional types of life insurance policies. All the others are variations of these two plans. Term insurance covers you for a set period of time, usually one, five or ten years. At the end of these term, the protection ends unless you have renewable insurance. Usually there is no cash value for this type of policy and the price for coverage rises with your age. Whole life insurance provides protection for your lifetime but it is more expensive than term insurance. Many of the new types of plans combine investing and insurance. Keep in mind that newer products are not the answer for every consumer. If you own a traditional whole life or term policy, think twice before accepting someone's suggestion that you should replace it. Make sure you are still insurable. Find out what provisions of the old policy may not be duplicated in the new one. Remember, you are older than when you purchased an existing policy...and premiums rise with age. Deal with a knowledgeable agent you can trust. Remember that service after the sale is important.
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