All Life Insurance Policies are not the same. Some life insurance policies offer lifetime coverage while others cover you for a specific number of years. Some life insurance policies build up cash values while others do not. Some policies combine different kinds of insurance, while others let you change from one kind of insurance to another. Some life insurance policies may offer other benefits while you are still living. Your choice should be based on your needs and what you can afford.

There are two basic types of life insurance; term insurance and cash value insurance. Term insurance policies generally have lower premiums in the early years, but do not build up cash values that you can use in the future. You may combine cash value life insurance with term life insurance for the period of your greatest need for life insurance to replace income.