There are two basic types of life insurance to choose from: Permanent Life Insurance and Term Life Insurance. In many instances people find that their objectives are best met with a combination of both Term Life and Whole Life Insurance.

Permanent life insurance offers lifetime protection, which means your beneficiaries will receive a benefit no matter when you die. Some forms of permanent whole life insurance also accumulate a cash value, which can be used for a variety of life's opportunities and challenges. These features can provide flexibility in your long term financial strategy.

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Term life insurance provides protection for a set period of time and offers death benefit protection only; there is no cash value component. Consequently, the premiums may be less costly initially than permanent whole life insurance. Term life insurance is an excellent way to get an amount of coverage that is comparable to permanent life insurance at an affordable cost.

One way to understand the difference between the two types is by using a common analogy: owning a home versus renting an apartment.

OPTIONS TO MEET YOUR NEEDS TODAY AND TOMORROW

Protecting your family with the right amount and type of life insurance can be one of the most important financial decisions you'll make. Term life insurance can be an affordable option to get the coverage you want at a cost you can handle.

If lifelong coverage is what you desire, permanent life insurance offers an array of benefits that apply to a range of life's stages, ensuring that whenever you or your family needs financial protection, your coverage is there.

Often times a combination of both term life insurance and permanent life insurance is the strategy that best meets all of your protection needs.