Life insurance is offered for temporary and permanent protection against the economic liabilities and future obligations of the policy insured: term and permanent life insurance. Term life insurance can generally be purchased in five year increments like 5, 10, 15, 20 & 30 years. Most permanent life insurance can be purchased to cover the inured to age 121. Permanent life insurance has five basic product lines: participating whole life, guaranteed universal life, current assumption universal life, indexed universal life and variable universal life.
You need to determine whether your financial liabilities and future obligations are temporary or permanent. You'll need to establish whether permanent life insurance is for protection or tax advantaged income. A personal financial profile should assess your risk tolerance, money goals and your life expectancy. This will aid you in selecting the right product for your financial needs.
The biggest things I would recommend to look out for when buying life insurance are the guarantees and the qualification requirements. When people express their disillusionment and frustration with a previous life insurance experience, it is usually because they applied for a policy for which they were obviously not qualified, or they purchased a policy they did not understand. A good life insurance agent can help immensely in avoiding declines and the purchase of products that do not do what you wanted them to do.
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You need to determine whether your financial liabilities and future obligations are temporary or permanent. You'll need to establish whether permanent life insurance is for protection or tax advantaged income. A personal financial profile should assess your risk tolerance, money goals and your life expectancy. This will aid you in selecting the right product for your financial needs.