Choosing which life insurance policy to buy can be confusing. You want to have life insurance to protect your loved ones financially, but there are so many different types, and each of these types has many different options within that type. With a little help, though, it is possible to make a choice that is personalized to meet each person's individual needs.
Term Life Insurance
Term insurance has the lowest cost, so it might be right for those on a tight budget or for those who would like to carry a large amount of insurance without paying high premiums. Because it only pays when the insured dies and has no cash value, it is not an effective savings tool like some other types of insurance can be.