If you do not need Life Insurance protection for your entire lifetime, then you do not need a permanent cash value insurance policy. If you just want coverage for a certain period – say 10 years until your children leave home, you would simply need a 10 year level term policy. If you have a 30 year mortgage, then you would need a 30 year level term policy. The least expensive way to purchase life insurance is to lock in the rate (level) for the longest time period you desire coverage.
If you want coverage until the day you die then you will want permanent insurance, as term insurance will be too expensive in your later years. If you are a young couple and cannot afford a permanent cash value policy, instead of purchasing a lesser amount of insurance, purchase the full amount you need in a level term insurance policy.
It would be good to work with a Life Insurance Specialist to help guide you through the process, but it is still very important that you have a basic knowledge of life insurance before making a decision on the protection you need.
If you need guidance then please give us a call. Our Life Insurance Specialist will work with you to determine your need and find a product that suits you.