Not all policies are the same. Some give coverage for your lifetime and others cover you for a specific number of years. Some build up cash values and others do not. Some policies combine different kinds of insurance, and others may offer 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 or Whole Life Insurance, also referred to as Permanent Insurance. Term insurance generally has lower premiums in the early years, but does not build up cash values that you can use in the future. You may combine Whole Life insurance with term insurance for the period of your greatest need for life insurance to replace income. There is also an Endowment plan that provides a benefit to you if you live to a specified age or will pay your beneficiaries a benefit if you die before the policy matures. Cash values accumulate at a higher rate than that of the Whole of Life policy; however, the premiums are higher as well.

This guide provides only basic information. You can get more facts from the insurance professionals at Field Insurance Brokers Inc.

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