Which Type of Life Insurance Is Right for You?

Life insurance isn’t a one-size-fits-all option. Here are the differences between term life, whole life and indexed universal life insurance.

The words life insurance are written on a sticky note on top of a spiral notebook next to a calculator.
(Image credit: Getty Images)

When you think of your life insurance plan, what is the first thing you think of? For many, it’s being thankful there is a plan in place to help your family financially after you pass away. While this is an important component, there are more benefits to having life insurance.

Life insurance is meant to help your family cope with the loss of income when you pass by paying out a benefit. However, some life insurance policies have a cash value component and can also be used to save for retirement. While we all know the importance of having a life insurance plan, there are a few options to choose from. Each has benefits, but to pick a policy that is right for you, the key is to know their differences.

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Jay Dorso
Financial Educator and President, Quality Senior Benefits, LLC

Jay Dorso has more than 25 years of experience in the financial industry. At Quality Senior Benefits, Jay specializes in helping seniors with every area of retirement planning. From Medicare plans to insurance and long-term care, Jay helps set his clients up for success in retirement. Quality Senior Benefits is an independent firm that offers a wide range of insurance and financial services products.