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1. Shard Calculation

Query:

Response:

Calculated Shard: 156 (from laksa000)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa156.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://www.forbes.com/advisor/life-insurance/types/\')), getAhrefsUnparsedNoserviceFromURL(\'https://www.forbes.com/advisor/life-insurance/types/\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/www.forbes.com\/advisor\/life-insurance\/types\/","crawl_time":1775804515,"first_indexed_time":1587218572,"http_code":200,"src_unparsed":"com,forbes!www,\/advisor\/life-insurance\/types\/ s443","src_root_hash":"7074450602188365556","history_drop_reason":null,"meta_title":"How To Decide Which Type Of Life Insurance Is Right For You – Forbes Advisor","meta_descriptions":["When you're shopping for life insurance, one of your first decisions will be what type of life insurance to buy. Here's what you need to know."],"attrs_boilerpipe_text":"Cost is a significant factor when you’re shopping for life insurance, but there is much more to selecting the right policy than finding the lowest premium.\nThere are eight types of life insurance, and the variations among them can mean the difference between financial security and a waste of money, depending on your unique circumstances. Understanding each type before you start shopping will help you make the best choice.\nDifferent Types of Life Insurance\nThere are two main types of\nlife insurance\n: term life and permanent life. Then, there are several subtypes of permanent life insurance to consider.\nTo get you started, here’s an overview of types of life insurance and the main points to know for each.\nTerm life insurance\nWhole life insurance\nUniversal life insurance\nBurial insurance\/funeral insurance\nSurvivorship life insurance\/joint life insurance\nMortgage life insurance\nCredit life insurance\nSupplemental insurance\nCompare Different Types of Life Insurance\nLife insurance types are often distinguished by how long the policy can last, whether it builds cash value, and whether the premiums or death benefit can be variable.\nType of life insurance\nPolicy length\nCash value\nPremiums\nDeath benefit\nTerm life\nLevel term period varies, but often can be 10, 15, 20 or 30 years\nNo\nMultiple options: Level, annual renewable, decreasing\nFixed\nWhole life\nPermanent\nYes\nLevel\nFixed\nUniversal life\nPermanent\nYes\nMight be flexible\nMight be flexible\nVariable life\/variable universal life\nPermanent\nYes\nLevel\nMight fluctuate\nBurial life\nPermanent\nYes\nLevel\nFixed\nSurvivorship life\nPermanent, typically\nYes\nVaries\nPaid out after second person dies\nMortgage life\nPolicy in effect for duration of mortgage\nNo\nMay fluctuate\nDeclining death benefit as you pay down mortgage\nCredit life\nPermanent, typically\nNo\nLevel\nPays off remaining debt to the lender\nSupplemental life\nConnected to your employment\nNo\nLow or no cost\nFixed\nTerm Life Insurance\nThe basics:\nPolicy length:\nCommon level term periods include 5, 10, 15, 20 or 30 years\nCash value:\nNo\nPremiums:\nLevel, annual renewable or decreasing\nDeath benefit:\nFixed\nHow it works:\nTerm life insurance\nhas a specific end date for the level term period, when rates stay the same. After this period you can renew the policy, but at higher rates each year. Choices of coverage lengths are generally 5, 10, 15, 25 or 30 years. It’s the cheapest way to buy life insurance because you’re buying only insurance coverage and not paying for\ncash value life insurance\n.\nWho is it for:\nTerm life insurance is ideal for people who want life insurance coverage for a specific debt or situation. For example, some people buy it to cover their working years as income replacement for their family in case they pass away. Some people buy term life to cover the years of a mortgage or other large debt.\nDownside:\nIf you still need coverage after the level term period expires, you could find the renewal rates to be unaffordable. And buying a new life insurance policy could be extremely pricey based on your age and any health conditions you’ve developed.\nPro Tip\nConsider life insurance policies that have\nliving benefits\n. These benefits allow you to take money from your own death benefit if you develop a terminal, critical or chronic illness that qualifies.\nWhole Life Insurance\nThe basics:\nPolicy length:\nPermanent\nCash value:\nYes\nPremiums:\nLevel\nDeath benefit:\nFixed\nHow it works:\nWhole life insurance\ncan provide coverage for the duration of your life. An account within the policy builds cash value over time by using part of your premium payment and adding interest. A policy will have built-in guarantees that the premium will not increase, the death benefit remains the same, and the cash value will earn a fixed rate of return.\nWho is it for:\nWhole life is suited for people who want lifelong coverage and are willing to pay for the guarantees provided by the policy.\nDownside:\nBecause of the guaranteed features, whole life insurance is one of the more expensive ways to buy life insurance.\nPro Tip\nIf you’re buying whole life insurance, look for a mutual insurance company. Only mutual companies pay dividends to whole life policyholders.\nUniversal Life Insurance\nThe basics:\nPolicy length:\nPermanent\nCash value:\nYes\nPremiums:\nMight be flexible\nDeath benefit:\nMight be flexible\nHow it works:\nUniversal life insurance (UL) can be hard to understand because there are a few varieties and with very different features.\nUniversal life insurance\ncan be cheaper than whole life insurance because it generally doesn’t offer the same guarantees.\nWith some forms of universal life you can vary premium payments amounts and rejigger the death benefit amount, within certain limits. UL policies often have a cash value component.\nWho is it for:\nUniversal life insurance can be good for someone looking for lifelong coverage. Some varieties of UL are suited for people who want to tie their cash value gains to market performance (indexed and variable universal life insurance).\nDownsides:\nIf cash value is your main interest, not all UL policies guarantee you’ll make gains. And if you’re interested in flexible premiums payments, you have to stay on top of your policy’s status to make sure that the policy’s fees and charges don’t deplete your cash value and cause it to lapse. Understand what’s guaranteed within a UL policy and what isn’t.\nBurial and Funeral Insurance\nThe basics:\nPolicy length:\nPermanent\nCash value:\nYes, typically\nPremiums:\nLevel\nDeath benefit:\nFixed\nHow it works:\nYou may see this kind of policy called burial, funeral or final expense insurance. No matter the name, it’s usually a small whole life insurance policy that’s intended to pay only for funeral costs and other final expenses.\nBurial insurance\nis often offered as a policy that you can’t be turned down for and that doesn’t require a medical exam.\nWho is it for:\nThese types of policies are generally for people in poor health who don’t have other life insurance options and who need insurance for funeral expenses.\nDownsides:\nBurial insurance policies are expensive, based on the amount of coverage you get for your money.\nBurial insurance policies also have a safeguard for the life insurance company: Your beneficiaries won’t get the full death benefit if you pass away within two or three years after buying the policy. Check the policy’s timeline for these “\ngraded death benefits\n.” Your beneficiaries might receive only a refund of the premiums you paid in, plus some interest.\nSurvivorship Life Insurance\nThe basics:\nPolicy length:\nPermanent, typically\nCash value:\nYes, typically\nPremiums:\nVaries\nDeath benefit:\nPaid out after the second person dies\nHow it works:\nAlso called second-to-die life insurance, it covers two people under one policy, such as a husband and wife. The payout to beneficiaries is made only when both have passed away. Since a survivorship life insurance policy combines two individuals on one life policy, you can typically get a much more significant death benefit at a lower cost than by buying two individual life insurance policies.\nWho is it for:\nSurvivorship policies can be beneficial in estate planning when the life insurance money is not needed by a beneficiary until both of the insured people have passed away. Survivorship life insurance might be used to fund a trust, for example. It’s also suited for high net worth couples who want to provide money to heirs for estate taxes. Or it could be used by a couple to provide a donation to charity.\nDownside:\nIf two spouses are insured and one would suffer financially if the other passed away, this is not the right policy type. The surviving spouse does not receive any life insurance benefits. The payout is only made when both have passed away.\nMortgage Life Insurance\nThe basics:\nPolicy length:\nDuration of your mortgage\nCash value:\nNo\nPremiums:\nMay fluctuate\nDeath benefit:\nDeclining death benefit as you pay down mortgage\nHow it works:\nMortgage life insurance\nis designed to cover only the balance of a mortgage and nothing else. This policy type is different from the life insurance types above in two major ways:\nThe death benefit is paid to the mortgage lender, not a beneficiary that you choose.\nThe payout is the balance of the mortgage, or partial balance if that’s what you insured.\nWho is it for:\nMortgage life insurance is intended for people who are primarily concerned about their family being burdened by the mortgage if they pass away. It can also be appealing to someone who doesn’t want to take a medical exam to buy life insurance.\nDownside:\nThis type of policy won’t provide financial flexibility for your family because the payout goes to your mortgage lender.\nPro Tip\nIf you’re looking for life insurance to cover a mortgage or other debts, you’re better off with term life insurance. You can choose the term length and amount, and your family can use the payout for any purpose.\nCredit Life Insurance\nThe basics:\nPolicy length:\nPermanent, typically\nCash value:\nNo\nPremiums:\nLevel\nDeath benefit:\nPays off remaining debt to the lender\nHow it works:\nLike mortgage life insurance, this insurance covers a specific debt. When you take out a loan you might be offered credit life insurance. The payments can usually be rolled into your loan payments. The life insurance payout is the balance of the debt and it’s paid to the lender, not your family.\nWho is it for:\nIf you’re concerned about how your family would pay a certain debt if you passed away, credit life insurance might look appealing and convenient. It can also be attractive because there’s no medical exam required to qualify.\nDownside:\nCredit life insurance is very narrow and doesn’t allow financial flexibility in the future. You’re probably better off with term life insurance, which you can use to cover many concerns, from debt to income replacement to funeral expenses. A broader policy like term life will give your family more financial options if you pass away.\nSupplemental Life Insurance\nThe basics:\nPolicy length:\nConnected to your employment\nCash value:\nNo\nPremiums:\nLow or no cost\nDeath benefit:\nFixed\nHow it works:\nSupplemental life insurance is an extra policy designed to fill gaps in your primary life insurance coverage. It’s often offered by employers to enhance their basic group life insurance. Supplemental coverage is typically employee-paid, meaning you cover the premium costs. It usually stops when you leave your employer.\nWho is it for:\nBecause usually it’s free or inexpensive, group life insurance is a good value. It’s good as supplementary coverage to your own individual life insurance policy.\nDownside:\nIf you lose the job you generally lose the life insurance, too. That’s why it’s best to have your own life insurance that’s not tied to the workplace. Plus, on your own you can buy higher amounts of insurance.\nExpert-approved Life Insurance Companies\nTypes of Life Insurance By Underwriting Method\nInsurance companies use life insurance underwriting to assess a person’s health and risk—and decide what to charge for premiums.\nFully Underwritten\nMedical exam required.\nUsually a lengthy application process with multiple questions related to health, family history. lifestyle and hobbies.\nThese are often the cheapest policies—even if you have some health issues—because the life insurance company collects a lot of information about you.\nAccelerated Underwriting\nNo life insurance medical exam required.\nApplication will ask some health questions.\nThe insurance company will use third-party data about you to make a decision, such as information about your prescription drug history.\nIn some cases a policy that had accelerated underwriting can be competitively priced with a fully underwritten policy, but not always.\nIf red flags come up in the data analyzed by the insurer, you might be asked to go through a full underwriting process with a medical exam.\nSimplified Issue\nDoesn’t require a medical exam.\nApplicants answer a handful of health-related questions and a “yes” answer could result in denial.\nThe insurance company may use third-party data about you to make a decision.\nGuaranteed Issue\nYou can’t be turned down.\nDoesn’t require a medical exam.\nNo health questions asked.\nOften the most expensive way to buy life insurance.\nWhat's the Best Type of Life Insurance?\nThe type of life insurance that’s best for you depends on your budget and why you need coverage. Someone who wants to make sure their loved ones have money to pay for a funeral requires much different life coverage than a person who wants coverage that could pay off a $300,000 mortgage.\nHere’s a look at the\nbest life insurance\nbased on needs and goals.\nReason for coverage\nTerm life insurance\nWhole life insurance\nUniversal life insurance, including variable and indexed universal life\nBurial and final expense insurance\nWill last the duration of your lifetime\nX\nX\nX\nCheapest policy for the most coverage\nX\nEasiest policy to understand\nX\nX\nHas cash value\nX\nX\nX\nFor someone who wants control over cash value investments\nVariable universal life\nPremium payment amounts can be flexible\nX\nExpert Tips\nJason Metz\nInsurance Lead Editor\nPenny Gusner\nInsurance Senior Writer\nLes Masterson\nInsurance Editor\nMichelle Megna\nInsurance Lead Editor\nCompare Life Insurance Companies\nCompare Policies With Leading Insurers\nTypes of Life Insurance Frequently Asked Questions (FAQs)\nWhole life insurance comprises 35% of market share, based on life insurance premiums being paid, followed by indexed universal life insurance (26%), according to LIMRA. Term life insurance is next with 20%.\nOverall, the number of life insurance policies sold increased by 4% in the first quarter of 2023, compared to last year, according to LIMRA.\nVariable universal life insurance\nhas cash value that’s tied to investment options called sub-accounts. You can choose which sub-accounts to put your cash value in, and gains and losses are based on your investment choices.\nIndexed universal life insurance\nhas investment-like cash value growth: Gains are tied to a specific index, such as the S&P 500, although your cash value is not directly invested in the index.\nYou can borrow from\ncash value life insurance\npolicies such as whole life, universal life, variable universal life and indexed universal life insurance. Borrowing isn’t available with term life insurance policies because there is no cash value.\nThe two major types of life insurance are term life insurance and permanent life insurance.\nTerm life insurance\nallows you to lock in rates for a specific period of time, such as 10, 15, 20 or 30 years. Once the level term period ends, you can usually renew the policy every year after, but renewal rates can quickly become unaffordable. Term life insurance has a fixed death benefit, but it does not have cash value.\nPermanent life insurance is coverage that typically lasts for your entire life and can build cash value. There are several types of permanent life insurance, including\nwhole life insurance\nand universal life insurance.\nThe cheapest type of life insurance is typically term life insurance, which lets you lock in rates for a specific period, such as 20 years. As an example, the average cost of a 20-year, $500,000 term life insurance policy for a 40-year-old woman is $304 annually and $360 for a man.\nYour own\ncost of life insurance\nvaries by age, gender, health, nicotine and marijuana use, and other factors.\nForbes Advisor is not a licensed insurance agency. Insurance offerings are provided by CompareCoverage, NPN 20753534 and CA\nLicense\n# 6011227. © 2026 CompareCoverage. 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All Rights Reserved.\n\n[Subscribe](https:\/\/account.forbes.com\/membership?eventSource=header&redirect=https:\/\/www.forbes.com\/)\n\n[Advisor](https:\/\/www.forbes.com\/advisor\/)\n\n- [All Insurance](https:\/\/www.forbes.com\/advisor\/insurance\/)\n- [Car Insurance](https:\/\/www.forbes.com\/advisor\/car-insurance\/)\n- [Travel Insurance](https:\/\/www.forbes.com\/advisor\/travel-insurance\/)\n- [Pet Insurance](https:\/\/www.forbes.com\/advisor\/pet-insurance\/)\n- [Life Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/)\n- [Home Insurance](https:\/\/www.forbes.com\/advisor\/homeowners-insurance\/)\n- [Renters Insurance](https:\/\/www.forbes.com\/advisor\/renters-insurance\/)\n- [Business Insurance](https:\/\/www.forbes.com\/advisor\/business-insurance\/)\n- [Health Insurance](https:\/\/www.forbes.com\/advisor\/health-insurance\/)\n\n|   |   |   |\n|---|---|---|\n|   | You might be using an unsupported or outdated browser. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. |   |\n\nWe earn a commission from the offers on this page, which influences which offers are displayed and how and where the offers appear. Advertiser Disclosure.\n\nWe independently select all products and services. While we earn a commission from partner links, commissions do not affect our editors' opinions or evaluations.\n\nAdvertiser Disclosure\n\n- [advisor](https:\/\/www.forbes.com\/advisor\/)\n- [Life Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/)\n- How To Decide Which Type Of Life Insurance Is Right For You\n# How To Decide Which Type Of Life Insurance Is Right For You\nAudited & Verified: Sep 8, 2025, 10:38am\n\n[![Ashlee Valentine](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2023\/11\/Ashlee-Tilford-e1701361587850-88x88.jpg)](https:\/\/www.forbes.com\/advisor\/author\/atilford\/)\n\n![Ashlee Valentine](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2023\/11\/Ashlee-Tilford-e1701361587850-88x88.jpg)\n\n[Ashlee Valentine](https:\/\/www.forbes.com\/advisor\/author\/atilford\/)Former Staff Editor\n\nAshlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. Wh...\n\n- [![Linkedin icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-linkedin-icon.svg)](https:\/\/www.linkedin.com\/in\/ashleetilford\/)\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/atilford\/)\n\n![close icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-close-icon.svg)\n\n![Ashlee Valentine](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2023\/11\/Ashlee-Tilford-e1701361587850-88x88.jpg)\n\n[Ashlee Valentine](https:\/\/www.forbes.com\/advisor\/author\/atilford\/)Former Staff Editor\n\nAshlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. Wh...\n\n- [![Linkedin icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-linkedin-icon.svg)](https:\/\/www.linkedin.com\/in\/ashleetilford\/)\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/atilford\/)\n\nWritten By\n\n[Ashlee Valentine](https:\/\/www.forbes.com\/advisor\/author\/atilford\/)\n\n![Ashlee Valentine](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2023\/11\/Ashlee-Tilford-e1701361587850-88x88.jpg)\n\n[Ashlee Valentine](https:\/\/www.forbes.com\/advisor\/author\/atilford\/)Former Staff Editor\n\nAshlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. Wh...\n\n- [![Linkedin icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-linkedin-icon.svg)](https:\/\/www.linkedin.com\/in\/ashleetilford\/)\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/atilford\/)\n\n![close icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-close-icon.svg)\n\n![Ashlee Valentine](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2023\/11\/Ashlee-Tilford-e1701361587850-88x88.jpg)\n\n[Ashlee Valentine](https:\/\/www.forbes.com\/advisor\/author\/atilford\/)Former Staff Editor\n\nAshlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. Wh...\n\n- [![Linkedin icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-linkedin-icon.svg)](https:\/\/www.linkedin.com\/in\/ashleetilford\/)\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/atilford\/)\n\nFormer Staff Editor\n\n[![Michelle Megna](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/10\/Michelle-Megna-88x88.jpeg)](https:\/\/www.forbes.com\/advisor\/author\/mmegna\/)\n\n![Michelle Megna](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/10\/Michelle-Megna-88x88.jpeg)\n\nReviewed by\n\n[Michelle Megna](https:\/\/www.forbes.com\/advisor\/author\/mmegna\/)Staff Editor\n\nMichelle is a lead editor at Forbes Advisor. She has been a journalist for over 35 years, writing about insurance for consumers for the last decade. Prior to covering insurance, Michelle was a lifestyle reporter at the New York Daily News, a magazine...\n\n- [![Linkedin icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-linkedin-icon.svg)](https:\/\/www.linkedin.com\/in\/michelle-megna-507b65\/)\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/mmegna\/)\n\n![close icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-close-icon.svg)\n\n![Michelle Megna](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/10\/Michelle-Megna-88x88.jpeg)\n\nReviewed by\n\n[Michelle Megna](https:\/\/www.forbes.com\/advisor\/author\/mmegna\/)Staff Editor\n\nMichelle is a lead editor at Forbes Advisor. She has been a journalist for over 35 years, writing about insurance for consumers for the last decade. Prior to covering insurance, Michelle was a lifestyle reporter at the New York Daily News, a magazine...\n\n- [![Linkedin icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-linkedin-icon.svg)](https:\/\/www.linkedin.com\/in\/michelle-megna-507b65\/)\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/mmegna\/)\n\nReviewed\n\n[Michelle Megna](https:\/\/www.forbes.com\/advisor\/author\/mmegna\/)\n\n![Michelle Megna](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/10\/Michelle-Megna-88x88.jpeg)\n\nReviewed by\n\n[Michelle Megna](https:\/\/www.forbes.com\/advisor\/author\/mmegna\/)Staff Editor\n\nMichelle is a lead editor at Forbes Advisor. She has been a journalist for over 35 years, writing about insurance for consumers for the last decade. Prior to covering insurance, Michelle was a lifestyle reporter at the New York Daily News, a magazine...\n\n- [![Linkedin icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-linkedin-icon.svg)](https:\/\/www.linkedin.com\/in\/michelle-megna-507b65\/)\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/mmegna\/)\n\n![close icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-close-icon.svg)\n\n![Michelle Megna](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/10\/Michelle-Megna-88x88.jpeg)\n\nReviewed by\n\n[Michelle Megna](https:\/\/www.forbes.com\/advisor\/author\/mmegna\/)Staff Editor\n\nMichelle is a lead editor at Forbes Advisor. She has been a journalist for over 35 years, writing about insurance for consumers for the last decade. Prior to covering insurance, Michelle was a lifestyle reporter at the New York Daily News, a magazine...\n\n- [![Linkedin icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-linkedin-icon.svg)](https:\/\/www.linkedin.com\/in\/michelle-megna-507b65\/)\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/mmegna\/)\n\nStaff Editor\n\n& 1 other\n\nHave a question we may not have answered?\n\nAsk our editors here\n\nHave a question for Ashlee Valentine or our other editors?\n\nAsk here for a chance to be featured in a story.\n\nThis form is protected by reCAPTCHA Enterprise and the Google [Privacy Policy](https:\/\/policies.google.com\/privacy)and [Terms of Service](https:\/\/policies.google.com\/terms)apply.\n\n![Ashlee Valentine](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2023\/11\/Ashlee-Tilford-e1701361587850-88x88.jpg)\n\n![Michelle Megna](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/10\/Michelle-Megna-88x88.jpeg)\n\nSend a note to Ashlee Valentine, Michelle Megna and our other editors. We read every email.\n\nBy submitting this form, you agree to allow us to collect, store, and potentially publish your provided information, including name and question, in the article or any related content. You confirm that the submitted content is original, accurate, and non-infringing on any third-party rights. We may contact you via the email address provided for follow-up questions or to notify you if your question is selected for publication. See our [Terms of Use](https:\/\/www.forbes.com\/terms-and-conditions\/#5cc91797193f)and our [Privacy Policy](https:\/\/www.forbes.com\/advisor\/privacy-policy\/).\n\nThank you for submitting your question.\n\nKeep reading Forbes Advisor for the chance to see the answer to your question in one of our upcoming stories. Our editors also may be in touch with follow-up questions.\n\nContinue reading\n\n![How To Decide Which Type Of Life Insurance Is Right For You](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/900x510\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2023\/06\/couple-comparing-life-insurance-policies.jpeg-1.jpg) Getty\n\nCost is a significant factor when you’re shopping for life insurance, but there is much more to selecting the right policy than finding the lowest premium.\n\nThere are eight types of life insurance, and the variations among them can mean the difference between financial security and a waste of money, depending on your unique circumstances. Understanding each type before you start shopping will help you make the best choice.\n\n## Different Types of Life Insurance\nThere are two main types of [life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-life-insurance-companies\/): term life and permanent life. Then, there are several subtypes of permanent life insurance to consider.\n\nTo get you started, here’s an overview of types of life insurance and the main points to know for each.\n\n- [Term life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/types\/#term-life-insurance)\n- [Whole life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/types\/#whole-life-insurance)\n- [Universal life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/types\/#universal-life-insurance)\n- [Burial insurance\/funeral insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/types\/#burial-insurance)\n- [Survivorship life insurance\/joint life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/types\/#survivorship-life-insurance)\n- [Mortgage life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/types\/#mortgage-life-insurance)\n- [Credit life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/types\/#credit-life-insurance)\n- [Supplemental insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/types\/#supplemental-insurance)\n## Compare Different Types of Life Insurance\nLife insurance types are often distinguished by how long the policy can last, whether it builds cash value, and whether the premiums or death benefit can be variable.\n\n| Type of life insurance | Policy length | Cash value | Premiums | Death benefit |\n|---|---|---|---|---|\n| Term life | Level term period varies, but often can be 10, 15, 20 or 30 years | No | Multiple options: Level, annual renewable, decreasing | Fixed |\n| Whole life | Permanent | Yes | Level | Fixed |\n| Universal life | Permanent | Yes | Might be flexible | Might be flexible |\n| Variable life\/variable universal life | Permanent | Yes | Level | Might fluctuate |\n| Burial life | Permanent | Yes | Level | Fixed |\n| Survivorship life | Permanent, typically | Yes | Varies | Paid out after second person dies |\n| Mortgage life | Policy in effect for duration of mortgage | No | May fluctuate | Declining death benefit as you pay down mortgage |\n| Credit life | Permanent, typically | No | Level | Pays off remaining debt to the lender |\n| Supplemental life | Connected to your employment | No | Low or no cost | Fixed |\n\n![Left Arrow](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAcAAAAMCAYAAACulacQAAAACXBIWXMAAAsTAAALEwEAmpwYAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAADJSURBVHgBXZCxDcIwEEXvLrbTMgIjeAQXQB0aUiBENgAmIBswQkJJg6iQaGAF2CBskBY5wbEjWXLiwjr73f\/\/dAijo5JiEse01Zrd2BhwgS8DIDnXcgBFjAUASltWkeY5eTBPSwcSW9ZMM3W\/rr+9crY6HxEgcwCBeuD+yQFCyPsH\/pePy+bj3YiCzLaNTDgDumuRlidb7o2BmpCUV2M4EAJmrqFtmHzaXAxtfAOAqRrNVRgJ+mcOFryt4dQuIR8o\/ZaEoB1rWNkBtuxEvL1bUnQAAAAASUVORK5CYII=)\n\n![Right Arrow](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAcAAAAMCAYAAACulacQAAAACXBIWXMAAAsTAAALEwEAmpwYAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAADQSURBVHgBdVC5DcJAENw53pAS6AA6wAlPCAGCDLsSoAJEBXwJEDk0JrA7wCW4BMeH5GXP2MggscHenEYzNzew5rt2PVULrdNt6DoJlUY1GEsCrWp1BNZ41\/oiAV7LGQPo1hrYlEmYNRLrlNVDYIuJ9\/eL7WRKs7yzE4OUJTABwR7M9puPspj+9NiD4tDglGml6M8YolJchrNTh8CewCaJyr8u1plt9tc8ECTQLQ+EN4FAYJuIXf9iTwq3qimBhWDm6KnZKb9bzUpgRFrz4be+FwjJTXtIGD7JAAAAAElFTkSuQmCC)\n\nSee More\n\nSee Less\n### Term Life Insurance\n**The basics:**\n\n- **Policy length:** Common level term periods include 5, 10, 15, 20 or 30 years\n- **Cash value:** No\n- **Premiums:** Level, annual renewable or decreasing\n- **Death benefit:** Fixed\n\n**How it works:** [Term life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-term-life-insurance-companies\/) has a specific end date for the level term period, when rates stay the same. After this period you can renew the policy, but at higher rates each year. Choices of coverage lengths are generally 5, 10, 15, 25 or 30 years. It’s the cheapest way to buy life insurance because you’re buying only insurance coverage and not paying for [cash value life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/cash-value-life-insurance\/).\n\n**Who is it for:** Term life insurance is ideal for people who want life insurance coverage for a specific debt or situation. For example, some people buy it to cover their working years as income replacement for their family in case they pass away. Some people buy term life to cover the years of a mortgage or other large debt.\n\n**Downside:** If you still need coverage after the level term period expires, you could find the renewal rates to be unaffordable. And buying a new life insurance policy could be extremely pricey based on your age and any health conditions you’ve developed.\n\nPro Tip\n\nConsider life insurance policies that have [living benefits](https:\/\/www.forbes.com\/advisor\/life-insurance\/living-benefits-in-life-insurance\/). These benefits allow you to take money from your own death benefit if you develop a terminal, critical or chronic illness that qualifies.\n### Whole Life Insurance\n**The basics:**\n\n- **Policy length:** Permanent\n- **Cash value:** Yes\n- **Premiums:** Level\n- **Death benefit:** Fixed\n\n**How it works:** [Whole life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-whole-life-insurance\/) can provide coverage for the duration of your life. An account within the policy builds cash value over time by using part of your premium payment and adding interest. A policy will have built-in guarantees that the premium will not increase, the death benefit remains the same, and the cash value will earn a fixed rate of return.\n\n**Who is it for:** Whole life is suited for people who want lifelong coverage and are willing to pay for the guarantees provided by the policy.\n\n**Downside:** Because of the guaranteed features, whole life insurance is one of the more expensive ways to buy life insurance.\n\nPro Tip\n\nIf you’re buying whole life insurance, look for a mutual insurance company. Only mutual companies pay dividends to whole life policyholders.\n### Universal Life Insurance\n**The basics:**\n\n- **Policy length:** Permanent\n- **Cash value:** Yes\n- **Premiums:** Might be flexible\n- **Death benefit:** Might be flexible\n\n**How it works:** Universal life insurance (UL) can be hard to understand because there are a few varieties and with very different features. [Universal life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/universal-life-insurance\/) can be cheaper than whole life insurance because it generally doesn’t offer the same guarantees.\n\nWith some forms of universal life you can vary premium payments amounts and rejigger the death benefit amount, within certain limits. UL policies often have a cash value component.\n\n**Who is it for:** Universal life insurance can be good for someone looking for lifelong coverage. Some varieties of UL are suited for people who want to tie their cash value gains to market performance (indexed and variable universal life insurance).\n\n**Downsides:** If cash value is your main interest, not all UL policies guarantee you’ll make gains. And if you’re interested in flexible premiums payments, you have to stay on top of your policy’s status to make sure that the policy’s fees and charges don’t deplete your cash value and cause it to lapse. Understand what’s guaranteed within a UL policy and what isn’t.\n\n### Burial and Funeral Insurance\n**The basics:**\n\n- **Policy length:** Permanent\n- **Cash value:** Yes, typically\n- **Premiums:** Level\n- **Death benefit:** Fixed\n\n**How it works:** You may see this kind of policy called burial, funeral or final expense insurance. No matter the name, it’s usually a small whole life insurance policy that’s intended to pay only for funeral costs and other final expenses. [Burial insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/burial-insurance\/) is often offered as a policy that you can’t be turned down for and that doesn’t require a medical exam.\n\n**Who is it for:** These types of policies are generally for people in poor health who don’t have other life insurance options and who need insurance for funeral expenses.\n\n**Downsides:** Burial insurance policies are expensive, based on the amount of coverage you get for your money.\n\nBurial insurance policies also have a safeguard for the life insurance company: Your beneficiaries won’t get the full death benefit if you pass away within two or three years after buying the policy. Check the policy’s timeline for these “[graded death benefits](https:\/\/www.forbes.com\/advisor\/life-insurance\/graded-death-benefit\/).” Your beneficiaries might receive only a refund of the premiums you paid in, plus some interest.\n\n### Survivorship Life Insurance\n**The basics:**\n\n- **Policy length:** Permanent, typically\n- **Cash value:** Yes, typically\n- **Premiums:** Varies\n- **Death benefit:** Paid out after the second person dies\n\n**How it works:** Also called second-to-die life insurance, it covers two people under one policy, such as a husband and wife. The payout to beneficiaries is made only when both have passed away. Since a survivorship life insurance policy combines two individuals on one life policy, you can typically get a much more significant death benefit at a lower cost than by buying two individual life insurance policies.\n\n**Who is it for:** Survivorship policies can be beneficial in estate planning when the life insurance money is not needed by a beneficiary until both of the insured people have passed away. Survivorship life insurance might be used to fund a trust, for example. It’s also suited for high net worth couples who want to provide money to heirs for estate taxes. Or it could be used by a couple to provide a donation to charity.\n\n**Downside:** If two spouses are insured and one would suffer financially if the other passed away, this is not the right policy type. The surviving spouse does not receive any life insurance benefits. The payout is only made when both have passed away.\n\n### Mortgage Life Insurance\n**The basics:**\n\n- **Policy length:** Duration of your mortgage\n- **Cash value:** No\n- **Premiums:** May fluctuate\n- **Death benefit:** Declining death benefit as you pay down mortgage\n\n**How it works:** [Mortgage life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/mortgage-life-insurance\/) is designed to cover only the balance of a mortgage and nothing else. This policy type is different from the life insurance types above in two major ways:\n\n- The death benefit is paid to the mortgage lender, not a beneficiary that you choose.\n- The payout is the balance of the mortgage, or partial balance if that’s what you insured.\n\n**Who is it for:** Mortgage life insurance is intended for people who are primarily concerned about their family being burdened by the mortgage if they pass away. It can also be appealing to someone who doesn’t want to take a medical exam to buy life insurance.\n\n**Downside:** This type of policy won’t provide financial flexibility for your family because the payout goes to your mortgage lender.\n\nPro Tip\n\nIf you’re looking for life insurance to cover a mortgage or other debts, you’re better off with term life insurance. You can choose the term length and amount, and your family can use the payout for any purpose.\n### Credit Life Insurance\n**The basics:**\n\n- **Policy length:** Permanent, typically\n- **Cash value:** No\n- **Premiums:** Level\n- **Death benefit:** Pays off remaining debt to the lender\n\n**How it works:** Like mortgage life insurance, this insurance covers a specific debt. When you take out a loan you might be offered credit life insurance. The payments can usually be rolled into your loan payments. The life insurance payout is the balance of the debt and it’s paid to the lender, not your family.\n\n**Who is it for:** If you’re concerned about how your family would pay a certain debt if you passed away, credit life insurance might look appealing and convenient. It can also be attractive because there’s no medical exam required to qualify.\n\n**Downside:** Credit life insurance is very narrow and doesn’t allow financial flexibility in the future. You’re probably better off with term life insurance, which you can use to cover many concerns, from debt to income replacement to funeral expenses. A broader policy like term life will give your family more financial options if you pass away.\n\n### Supplemental Life Insurance\n**The basics:**\n\n- **Policy length:** Connected to your employment\n- **Cash value:** No\n- **Premiums:** Low or no cost\n- **Death benefit:** Fixed\n\n**How it works:** Supplemental life insurance is an extra policy designed to fill gaps in your primary life insurance coverage. It’s often offered by employers to enhance their basic group life insurance. Supplemental coverage is typically employee-paid, meaning you cover the premium costs. It usually stops when you leave your employer.\n\n**Who is it for:** Because usually it’s free or inexpensive, group life insurance is a good value. It’s good as supplementary coverage to your own individual life insurance policy.\n\n**Downside:** If you lose the job you generally lose the life insurance, too. That’s why it’s best to have your own life insurance that’s not tied to the workplace. Plus, on your own you can buy higher amounts of insurance.\n\n## Expert-approved Life Insurance Companies\n[![Northwestern Mutual](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2022\/02\/Northwestern-Mutual_logo-removebg-preview.png)](https:\/\/rate.lifequotes.com\/liferequest\/controller?reqid=qstermindex&REF=60642)\n\n[Northwestern Mutual](https:\/\/rate.lifequotes.com\/liferequest\/controller?reqid=qstermindex&REF=60642)\n\n![Forbes Advisor Desktop Logo](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/forbes-advisor.svg) ![Forbes Advisor Mobile Logo](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/forbes-advisor.svg)\n\n5\\.0\n\n![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)\n\n![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/tooltip.svg)\n\n[See Plans](https:\/\/rate.lifequotes.com\/liferequest\/controller?reqid=qstermindex&REF=60642)\n\nCompare quotes from participating carriers via Lifequotes.com\n\nOur Expert Take\n\nBest overall\n\nWhole Life Policies Sold\n\nWhole Life One Whole Life Plus\n\n[![Penn Mutual](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2024\/06\/Penn-Mutual_logo-removebg-preview.png)](https:\/\/rate.lifequotes.com\/liferequest\/controller?reqid=qstermindex&REF=60642)\n\n[Penn Mutual](https:\/\/rate.lifequotes.com\/liferequest\/controller?reqid=qstermindex&REF=60642)\n\n![Forbes Advisor Desktop Logo](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/forbes-advisor.svg) ![Forbes Advisor Mobile Logo](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/forbes-advisor.svg)\n\n4\\.1\n\n![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/outline-star.svg)\n\n![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/tooltip.svg)\n\n[See Plans](https:\/\/rate.lifequotes.com\/liferequest\/controller?reqid=qstermindex&REF=60642)\n\nCompare quotes from participating carriers via Lifequotes.com\n\nOur Expert Take\n\nGreat for investment results\n\nWhole Life Policies Sold\n\nGuaranteed Whole Life II\n\n![Most Popular Tag](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/most-popular-tag.svg)\n\n[![Protective](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2024\/06\/Protective.png)](https:\/\/rate.lifequotes.com\/liferequest\/controller?reqid=qstermindex&REF=60642)\n\n[Protective](https:\/\/rate.lifequotes.com\/liferequest\/controller?reqid=qstermindex&REF=60642)\n\n![Forbes Advisor Desktop Logo](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/forbes-advisor.svg) ![Forbes Advisor Mobile Logo](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/forbes-advisor.svg)\n\n4\\.0\n\n![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/outline-star.svg)\n\n![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/tooltip.svg)\n\n[See Plans](https:\/\/rate.lifequotes.com\/liferequest\/controller?reqid=qstermindex&REF=60642)\n\nCompare quotes from participating carriers via Lifequotes.com\n\nOur Expert Take\n\nGreat for reliable financial planning\n\nWhole Life Policies Sold\n\nNon-Participating Whole Life\n\n| Company | Forbes Advisor rating | Our expert take | Whole life policies sold | Learn More |\n|---|---|---|---|---|\n| [![Northwestern Mutual](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2022\/02\/Northwestern-Mutual_logo-removebg-preview.png)](https:\/\/rate.lifequotes.com\/liferequest\/controller?reqid=qstermindex&REF=60642) [Northwestern Mutual](https:\/\/rate.lifequotes.com\/liferequest\/controller?reqid=qstermindex&REF=60642) | ![Forbes Advisor Desktop Logo](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/forbes-advisor.svg) ![Forbes Advisor Mobile Logo](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/forbes-advisor.svg) 5\\.0 ![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg) ![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/tooltip.svg) | Best overall | Whole Life One Whole Life Plus | [See Plans](https:\/\/rate.lifequotes.com\/liferequest\/controller?reqid=qstermindex&REF=60642) Compare quotes from participating carriers via Lifequotes.com |\n| [![Penn Mutual](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2024\/06\/Penn-Mutual_logo-removebg-preview.png)](https:\/\/rate.lifequotes.com\/liferequest\/controller?reqid=qstermindex&REF=60642) [Penn Mutual](https:\/\/rate.lifequotes.com\/liferequest\/controller?reqid=qstermindex&REF=60642) | ![Forbes Advisor Desktop Logo](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/forbes-advisor.svg) ![Forbes Advisor Mobile Logo](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/forbes-advisor.svg) 4\\.1 ![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/outline-star.svg) ![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/tooltip.svg) | Great for investment results | Guaranteed Whole Life II | [See Plans](https:\/\/rate.lifequotes.com\/liferequest\/controller?reqid=qstermindex&REF=60642) Compare quotes from participating carriers via Lifequotes.com |\n| ![Most Popular Tag](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/most-popular-tag.svg) [![Protective](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2024\/06\/Protective.png)](https:\/\/rate.lifequotes.com\/liferequest\/controller?reqid=qstermindex&REF=60642) [Protective](https:\/\/rate.lifequotes.com\/liferequest\/controller?reqid=qstermindex&REF=60642) | ![Forbes Advisor Desktop Logo](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/forbes-advisor.svg) ![Forbes Advisor Mobile Logo](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/forbes-advisor.svg) 4\\.0 ![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/filled-star.svg)![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/outline-star.svg) ![](https:\/\/www.forbes.com\/advisor\/wp-content\/plugins\/marketplace-tables\/public\/images\/tooltip.svg) | Great for reliable financial planning | Non-Participating Whole Life | [See Plans](https:\/\/rate.lifequotes.com\/liferequest\/controller?reqid=qstermindex&REF=60642) Compare quotes from participating carriers via Lifequotes.com |\n\n![Left Arrow](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAcAAAAMCAYAAACulacQAAAACXBIWXMAAAsTAAALEwEAmpwYAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAADJSURBVHgBXZCxDcIwEEXvLrbTMgIjeAQXQB0aUiBENgAmIBswQkJJg6iQaGAF2CBskBY5wbEjWXLiwjr73f\/\/dAijo5JiEse01Zrd2BhwgS8DIDnXcgBFjAUASltWkeY5eTBPSwcSW9ZMM3W\/rr+9crY6HxEgcwCBeuD+yQFCyPsH\/pePy+bj3YiCzLaNTDgDumuRlidb7o2BmpCUV2M4EAJmrqFtmHzaXAxtfAOAqRrNVRgJ+mcOFryt4dQuIR8o\/ZaEoB1rWNkBtuxEvL1bUnQAAAAASUVORK5CYII=)\n\n![Right Arrow](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAcAAAAMCAYAAACulacQAAAACXBIWXMAAAsTAAALEwEAmpwYAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAADQSURBVHgBdVC5DcJAENw53pAS6AA6wAlPCAGCDLsSoAJEBXwJEDk0JrA7wCW4BMeH5GXP2MggscHenEYzNzew5rt2PVULrdNt6DoJlUY1GEsCrWp1BNZ41\/oiAV7LGQPo1hrYlEmYNRLrlNVDYIuJ9\/eL7WRKs7yzE4OUJTABwR7M9puPspj+9NiD4tDglGml6M8YolJchrNTh8CewCaJyr8u1plt9tc8ECTQLQ+EN4FAYJuIXf9iTwq3qimBhWDm6KnZKb9bzUpgRFrz4be+FwjJTXtIGD7JAAAAAElFTkSuQmCC)\n\nSee More\n\nSee Less\n## Types of Life Insurance By Underwriting Method\nInsurance companies use life insurance underwriting to assess a person’s health and risk—and decide what to charge for premiums.\n\n### Fully Underwritten\n- Medical exam required.\n- Usually a lengthy application process with multiple questions related to health, family history. lifestyle and hobbies.\n- These are often the cheapest policies—even if you have some health issues—because the life insurance company collects a lot of information about you.\n### Accelerated Underwriting\n- No life insurance medical exam required.\n- Application will ask some health questions.\n- The insurance company will use third-party data about you to make a decision, such as information about your prescription drug history.\n- In some cases a policy that had accelerated underwriting can be competitively priced with a fully underwritten policy, but not always.\n- If red flags come up in the data analyzed by the insurer, you might be asked to go through a full underwriting process with a medical exam.\n### Simplified Issue\n- Doesn’t require a medical exam.\n- Applicants answer a handful of health-related questions and a “yes” answer could result in denial.\n- The insurance company may use third-party data about you to make a decision.\n### Guaranteed Issue\n- You can’t be turned down.\n- Doesn’t require a medical exam.\n- No health questions asked.\n- Often the most expensive way to buy life insurance.\n## What's the Best Type of Life Insurance?\nThe type of life insurance that’s best for you depends on your budget and why you need coverage. Someone who wants to make sure their loved ones have money to pay for a funeral requires much different life coverage than a person who wants coverage that could pay off a \\$300,000 mortgage.\n\nHere’s a look at the [best life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-life-insurance-companies\/) based on needs and goals.\n\n| Reason for coverage | Term life insurance | Whole life insurance | Universal life insurance, including variable and indexed universal life | Burial and final expense insurance |\n|---|---|---|---|---|\n| Will last the duration of your lifetime |   | X | X | X |\n| Cheapest policy for the most coverage | X |   |   |   |\n| Easiest policy to understand | X |   |   | X |\n| Has cash value |   | X | X | X |\n| For someone who wants control over cash value investments |   |   | Variable universal life |   |\n| Premium payment amounts can be flexible |   |   | X |   |\n\n![Left Arrow](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAcAAAAMCAYAAACulacQAAAACXBIWXMAAAsTAAALEwEAmpwYAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAADJSURBVHgBXZCxDcIwEEXvLrbTMgIjeAQXQB0aUiBENgAmIBswQkJJg6iQaGAF2CBskBY5wbEjWXLiwjr73f\/\/dAijo5JiEse01Zrd2BhwgS8DIDnXcgBFjAUASltWkeY5eTBPSwcSW9ZMM3W\/rr+9crY6HxEgcwCBeuD+yQFCyPsH\/pePy+bj3YiCzLaNTDgDumuRlidb7o2BmpCUV2M4EAJmrqFtmHzaXAxtfAOAqRrNVRgJ+mcOFryt4dQuIR8o\/ZaEoB1rWNkBtuxEvL1bUnQAAAAASUVORK5CYII=)\n\n![Right Arrow](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAcAAAAMCAYAAACulacQAAAACXBIWXMAAAsTAAALEwEAmpwYAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAADQSURBVHgBdVC5DcJAENw53pAS6AA6wAlPCAGCDLsSoAJEBXwJEDk0JrA7wCW4BMeH5GXP2MggscHenEYzNzew5rt2PVULrdNt6DoJlUY1GEsCrWp1BNZ41\/oiAV7LGQPo1hrYlEmYNRLrlNVDYIuJ9\/eL7WRKs7yzE4OUJTABwR7M9puPspj+9NiD4tDglGml6M8YolJchrNTh8CewCaJyr8u1plt9tc8ECTQLQ+EN4FAYJuIXf9iTwq3qimBhWDm6KnZKb9bzUpgRFrz4be+FwjJTXtIGD7JAAAAAElFTkSuQmCC)\n\nSee More\n\nSee Less\n\nExpert Tips\n\n## How to Buy the Right Type of Life Insurance for You\n\n![Jason Metz](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/150x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2020\/01\/Jason-Metz-headshot-scaled-e1621974639148.jpg)\n\nJason Metz\n\nInsurance Lead Editor\n\n![Penny Gusner](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/150x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/10\/penny.jpg)\n\nPenny Gusner\n\nInsurance Senior Writer\n\n![Les Masterson](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/150x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2022\/01\/Les-Masterson.jpg)\n\nLes Masterson\n\nInsurance Editor\n\n![Michelle Megna](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/150x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/10\/Michelle-Megna.jpeg)\n\nMichelle Megna\n\nInsurance Lead Editor\n\n### Focus on Your Financial Goals\nYour financial goals will help determine what type of life insurance is the best fit. Look at life insurance as part of a broader financial plan. Work with a financial advisor to get the big picture of your finances and where life insurance can fill in gaps or set the stage for a solid future for your family.\n\n[![Jason Metz](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/150x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2020\/01\/Jason-Metz-headshot-scaled-e1621974639148.jpg)](https:\/\/www.forbes.com\/advisor\/author\/jmetz\/)\n\n[Jason Metz](https:\/\/www.forbes.com\/advisor\/author\/jmetz\/)\n\nInsurance Lead Editor\n\n### Work With an Experienced Insurance Agent\nDon’t go it alone. An experienced life insurance agent can help you pinpoint the right policy type and coverage amount for your goals. They can also help you shop around the market, so you don’t waste time applying to companies that are unlikely to give you the best [life insurance quotes](https:\/\/www.forbes.com\/advisor\/life-insurance\/life-insurance-quotes\/).\n\n[![Penny Gusner](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/150x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/10\/penny.jpg)](https:\/\/www.forbes.com\/advisor\/author\/pgusner\/)\n\n[Penny Gusner](https:\/\/www.forbes.com\/advisor\/author\/pgusner\/)\n\nInsurance Senior Writer\n\n### Understand Life Insurance Riders\nNot all [life insurance riders](https:\/\/www.forbes.com\/advisor\/life-insurance\/riders\/) make sense based on their cost, but there may be one or two that are good bets for your situation. Ask your agent to explain the riders available from the company you’re looking at.\n\n[![Les Masterson](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/150x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2022\/01\/Les-Masterson.jpg)](https:\/\/www.forbes.com\/advisor\/author\/lmasterson\/)\n\n[Les Masterson](https:\/\/www.forbes.com\/advisor\/author\/lmasterson\/)\n\nInsurance Editor\n\n### Look at the Insurer’s Financial Strength\nA life insurer’s ability to pay claims far down the road is an essential component of buying the right policy. Look at the financial strength ratings from agencies such as AM Best and focus on companies rated A or higher.\n\n[![Michelle Megna](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/150x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/10\/Michelle-Megna.jpeg)](https:\/\/www.forbes.com\/advisor\/author\/mmegna\/)\n\n[Michelle Megna](https:\/\/www.forbes.com\/advisor\/author\/mmegna\/)\n\nInsurance Lead Editor\n\n## Compare Life Insurance Companies\nCompare Policies With Leading Insurers\n\n[Compare Quotes](https:\/\/lifeinsurance.advisorjourney.forbes.com\/)\n## Types of Life Insurance Frequently Asked Questions (FAQs)\n### What is the most popular type of life insurance?\nWhole life insurance comprises 35% of market share, based on life insurance premiums being paid, followed by indexed universal life insurance (26%), according to LIMRA. Term life insurance is next with 20%.\n\nOverall, the number of life insurance policies sold increased by 4% in the first quarter of 2023, compared to last year, according to LIMRA.\n\n### Which type of life insurance is also an investment?\n[Variable universal life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/variable-life-insurance\/) has cash value that’s tied to investment options called sub-accounts. You can choose which sub-accounts to put your cash value in, and gains and losses are based on your investment choices.\n\n[Indexed universal life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/indexed-universal-life-insurance\/) has investment-like cash value growth: Gains are tied to a specific index, such as the S\\&P 500, although your cash value is not directly invested in the index.\n\n### What type of life insurance can you borrow from?\nYou can borrow from [cash value life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/cash-value-life-insurance\/) policies such as whole life, universal life, variable universal life and indexed universal life insurance. Borrowing isn’t available with term life insurance policies because there is no cash value.\n\n### What are the two major types of life insurance?\nThe two major types of life insurance are term life insurance and permanent life insurance.\n\n[Term life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-term-life-insurance-companies\/) allows you to lock in rates for a specific period of time, such as 10, 15, 20 or 30 years. Once the level term period ends, you can usually renew the policy every year after, but renewal rates can quickly become unaffordable. Term life insurance has a fixed death benefit, but it does not have cash value.\n\nPermanent life insurance is coverage that typically lasts for your entire life and can build cash value. There are several types of permanent life insurance, including [whole life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-whole-life-insurance\/) and universal life insurance.\n\n### What is the cheapest type of life insurance?\nThe cheapest type of life insurance is typically term life insurance, which lets you lock in rates for a specific period, such as 20 years. As an example, the average cost of a 20-year, \\$500,000 term life insurance policy for a 40-year-old woman is \\$304 annually and \\$360 for a man.\n\nYour own [cost of life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/how-much-is-life-insurance\/) varies by age, gender, health, nicotine and marijuana use, and other factors.\n***\n\n*Forbes Advisor is not a licensed insurance agency. Insurance offerings are provided by CompareCoverage, NPN 20753534 and CA [License](https:\/\/comparecoverage.com\/licenses) \\# 6011227. © 2026 CompareCoverage. All Rights Reserved.*\n\nWas this article helpful?\n\nShare your feedback\n\nSend feedback to the editorial team\n\n![User Form](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/user-feedback-form\/user-form-icon.svg)\n\n![Success Icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/user-feedback-form\/success-icon.svg)\n\nThank You for your feedback\\!\n\n![Error Icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/user-feedback-form\/error-icon.svg)\n\nSomething went wrong. Please try again later.\n\nFind The Best Life Insurance\n\n- [Best Life Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-life-insurance-companies\/ \"Best Life Insurance\")\n- [Best Cheap Life Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/cheap-life-insurance\/ \"Best Cheap Life Insurance\")\n- [Best Term Life Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-term-life-insurance-companies\/ \"Best Term Life Insurance\")\n- [Best Whole Life Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-whole-life-insurance\/ \"Best Whole Life Insurance\")\n- [Best No-Exam Life Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-no-exam-life-insurance\/ \"Best No-Exam Life Insurance\")\n- [Best Long-Term Care Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-long-term-care-insurance\/ \"Best Long-Term Care Insurance\")\n- [Best Senior Life Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-senior-life-insurance\/ \"Best Senior Life Insurance\")\n- [Best Universal Life Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-universal-life-insurance\/ \"Best Universal Life Insurance\")\n- [Best Burial Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-burial-insurance\/ \"Best Burial Insurance\")\n- [Best Life Insurance For Young Adults](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-life-insurance-for-young-adults\/ \"Best Life Insurance For Young Adults\")\n- [Best Family Life Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-family-life-insurance\/ \"Best Family Life Insurance\")\n- [Compare Life Insurance Quotes](https:\/\/www.forbes.com\/advisor\/life-insurance\/life-insurance-quotes\/ \"Compare Life Insurance Quotes\")\n\nOur Guides\n\n- [Term Life Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/what-is-term-life-insurance\/ \"Term Life Insurance\")\n- [Whole Life Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/whole-life-insurance\/ \"Whole Life Insurance\")\n- [Universal Life Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/universal-life-insurance\/ \"Universal Life Insurance\")\n- [Indexed Universal Life Insurance (IUL Insurance)](https:\/\/www.forbes.com\/advisor\/life-insurance\/indexed-universal-life-insurance\/ \"Indexed Universal Life Insurance (IUL Insurance) \")\n- [Cash Value Life Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/cash-value-life-insurance\/ \"Cash Value Life Insurance\")\n- [Life insurance for married couples](https:\/\/www.forbes.com\/advisor\/life-insurance\/life-insurance-for-married-couples\/ \"Life insurance for married couples\")\n- [AD\\&D Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/accidental-death-and-dismemberment-insurance\/ \"AD&D Insurance\")\n- [Term Life Vs. Whole Life](https:\/\/www.forbes.com\/advisor\/life-insurance\/term-life-vs-whole-life-insurance\/ \"Term Life Vs. Whole Life\")\n- [Term Life Vs. Permanent Life](https:\/\/www.forbes.com\/advisor\/life-insurance\/term-vs-permanent-life-insurance\/ \"Term Life Vs. Permanent Life\")\n- [Whole Life Vs. Universal Life](https:\/\/www.forbes.com\/advisor\/life-insurance\/whole-life-vs-universal-life-insurance\/ \"Whole Life Vs. Universal Life\")\n\nLife Insurance Basics\n\n- [Average Cost Of Life Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/how-much-is-life-insurance\/ \"Average Cost Of Life Insurance \")\n- [How Does Life Insurance Work?](https:\/\/www.forbes.com\/advisor\/life-insurance\/how-it-works\/ \"How Does Life Insurance Work?\")\n- [Is Life Insurance Worth It?](https:\/\/www.forbes.com\/advisor\/life-insurance\/is-life-insurance-worth-it\/ \"Is Life Insurance Worth It?\")\n- [Long-Term Care Insurance Cost](https:\/\/www.forbes.com\/advisor\/life-insurance\/long-term-care-insurance-cost\/ \"Long-Term Care Insurance Cost\")\n- [How To Cash Out Life Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/cash-out-life-insurance\/ \"How To Cash Out Life Insurance\")\n- [How Much Life Insurance Do I Need?](https:\/\/www.forbes.com\/advisor\/life-insurance\/how-much-life-insurance-do-you-really-need\/ \"How Much Life Insurance Do I Need?\")\n- [More in Life Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/ \"More in Life Insurance\")\n\nLife Insurance By Amount\n\n- [\\$1 Million Life Insurance Policy](https:\/\/www.forbes.com\/advisor\/life-insurance\/million-dollar-life-insurance-cost\/ \"$1 Million Life Insurance Policy\")\n- [\\$500,000 Life Insurance Policy](https:\/\/www.forbes.com\/advisor\/life-insurance\/500000-life-insurance-cost\/ \"$500,000 Life Insurance Policy\")\n- [\\$250,000 Life Insurance Policy](https:\/\/www.forbes.com\/advisor\/life-insurance\/250000-life-insurance-cost\/ \"$250,000 Life Insurance Policy\")\n- [\\$100,000 Life Insurance Policy](https:\/\/www.forbes.com\/advisor\/life-insurance\/100000-life-insurance-cost\/ \"$100,000 Life Insurance Policy\")\n\n### Next Up In Life Insurance\n- [Best Life Insurance Policies](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-life-insurance-companies\/ \"Best Life Insurance Policies \")\n- [Cheapest Life Insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/cheap-life-insurance\/ \"Cheapest Life Insurance\")\n- [Best Whole Life Insurance Companies](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-whole-life-insurance\/ \"Best Whole Life Insurance Companies \")\n- [How Much Is Life Insurance?](https:\/\/www.forbes.com\/advisor\/life-insurance\/how-much-is-life-insurance\/ \"How Much Is Life Insurance?\")\n- [How Much Life Insurance Do I Need?](https:\/\/www.forbes.com\/advisor\/life-insurance\/how-much-life-insurance-do-you-really-need\/ \"How Much Life Insurance Do I Need?\")\n- [Life Insurance Without Medical Exam](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-no-exam-life-insurance\/ \"Life Insurance Without Medical Exam\")\n\n#### More from  ![forbes-advisor](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/forbes-updated-logo.svg)\n[![Best Term Life Insurance Companies Of 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only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.  \n   \n Forbes Advisor adheres to strict [editorial integrity standards](https:\/\/www.forbes.com\/advisor\/about-us\/). To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our [partners](https:\/\/www.forbes.com\/advisor\/advertiser-disclosure\/ \"Advertiser Disclosure\").\n\n[![Ashlee Valentine](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2023\/11\/Ashlee-Tilford-e1701361587850-88x88.jpg)](https:\/\/www.forbes.com\/advisor\/author\/atilford\/ \"Ashlee Valentine\")\n\n[Ashlee Valentine](https:\/\/www.forbes.com\/advisor\/author\/atilford\/)\n\nFormer Staff Editor\n\nAshlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. When Ashlee isn't spreading insurance knowledge or solving television murder mysteries, she enjoys spending time with her family (including the furry and feathery ones) on their farm in Kentucky.\n\n© 2026 Forbes Media LLC. All Rights Reserved.\n\n- [AdChoices](https:\/\/preferences-mgr.truste.com\/?pid=forbes01)\n- [Privacy Statement](https:\/\/www.forbes.com\/advisor\/privacy-policy\/)\n- [Do Not Sell or Share My Personal Information](https:\/\/www.forbes.com\/consent\/editprivacy\/?consent_do_not_sell=true)\n- [Limit the Use of My Sensitive Personal Information](https:\/\/www.forbes.com\/consent\/editprivacy\/?consent_limit=true)\n- [Privacy Preferences](https:\/\/www.forbes.com\/consent\/editprivacy\/?consent_limit=true)\n- [Terms of Sale](https:\/\/www.forbes.com\/digital-terms-of-sale)\n- [Terms of Service](https:\/\/www.forbes.com\/terms-and-conditions\/)\n- [Contact Us](https:\/\/www.forbes.com\/fdc\/contact.html)\n- [Send Us Feedback](mailto:feedback@forbes.com)\n- [Report a Security Issue](https:\/\/www.forbes.com\/contact\/)\n- [Jobs At Forbes](https:\/\/www.forbes.com\/sites\/careers-at-forbes\/)\n- [Reprints & Permissions](http:\/\/forbesreprints.magreprints.com\/)\n- [Forbes Press Room](https:\/\/www.forbes.com\/sites\/forbespr\/)\n- [Advertise](http:\/\/www.forbesmedia.com\/)\n\nlorem\n\nAre you sure you want to rest your choices?\n\ncancel\n\nok\n\nThe Forbes Advisor editorial team is independent and objective. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. This compensation comes from two main sources. **First**, we provide paid placements to advertisers to present their offers. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. This site does not include all companies or products available within the market. **Second,** we also include links to advertisers’ offers in some of our articles; these “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Here is a list of our [partners](https:\/\/www.forbes.com\/advisor\/advertiser-disclosure\/) who offer products that we have affiliate links for.","attrs_readable_markdown":"Cost is a significant factor when you’re shopping for life insurance, but there is much more to selecting the right policy than finding the lowest premium.\n\nThere are eight types of life insurance, and the variations among them can mean the difference between financial security and a waste of money, depending on your unique circumstances. Understanding each type before you start shopping will help you make the best choice.\n\n## Different Types of Life Insurance\nThere are two main types of [life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-life-insurance-companies\/): term life and permanent life. Then, there are several subtypes of permanent life insurance to consider.\n\nTo get you started, here’s an overview of types of life insurance and the main points to know for each.\n\n- [Term life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/types\/#term-life-insurance)\n- [Whole life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/types\/#whole-life-insurance)\n- [Universal life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/types\/#universal-life-insurance)\n- [Burial insurance\/funeral insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/types\/#burial-insurance)\n- [Survivorship life insurance\/joint life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/types\/#survivorship-life-insurance)\n- [Mortgage life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/types\/#mortgage-life-insurance)\n- [Credit life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/types\/#credit-life-insurance)\n- [Supplemental insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/types\/#supplemental-insurance)\n## Compare Different Types of Life Insurance\nLife insurance types are often distinguished by how long the policy can last, whether it builds cash value, and whether the premiums or death benefit can be variable.\n\n| Type of life insurance | Policy length | Cash value | Premiums | Death benefit |\n|---|---|---|---|---|\n| Term life | Level term period varies, but often can be 10, 15, 20 or 30 years | No | Multiple options: Level, annual renewable, decreasing | Fixed |\n| Whole life | Permanent | Yes | Level | Fixed |\n| Universal life | Permanent | Yes | Might be flexible | Might be flexible |\n| Variable life\/variable universal life | Permanent | Yes | Level | Might fluctuate |\n| Burial life | Permanent | Yes | Level | Fixed |\n| Survivorship life | Permanent, typically | Yes | Varies | Paid out after second person dies |\n| Mortgage life | Policy in effect for duration of mortgage | No | May fluctuate | Declining death benefit as you pay down mortgage |\n| Credit life | Permanent, typically | No | Level | Pays off remaining debt to the lender |\n| Supplemental life | Connected to your employment | No | Low or no cost | Fixed |\n### Term Life Insurance\n**The basics:**\n\n- **Policy length:** Common level term periods include 5, 10, 15, 20 or 30 years\n- **Cash value:** No\n- **Premiums:** Level, annual renewable or decreasing\n- **Death benefit:** Fixed\n\n**How it works:** [Term life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-term-life-insurance-companies\/) has a specific end date for the level term period, when rates stay the same. After this period you can renew the policy, but at higher rates each year. Choices of coverage lengths are generally 5, 10, 15, 25 or 30 years. It’s the cheapest way to buy life insurance because you’re buying only insurance coverage and not paying for [cash value life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/cash-value-life-insurance\/).\n\n**Who is it for:** Term life insurance is ideal for people who want life insurance coverage for a specific debt or situation. For example, some people buy it to cover their working years as income replacement for their family in case they pass away. Some people buy term life to cover the years of a mortgage or other large debt.\n\n**Downside:** If you still need coverage after the level term period expires, you could find the renewal rates to be unaffordable. And buying a new life insurance policy could be extremely pricey based on your age and any health conditions you’ve developed.\n\nPro Tip\n\nConsider life insurance policies that have [living benefits](https:\/\/www.forbes.com\/advisor\/life-insurance\/living-benefits-in-life-insurance\/). These benefits allow you to take money from your own death benefit if you develop a terminal, critical or chronic illness that qualifies.\n### Whole Life Insurance\n**The basics:**\n\n- **Policy length:** Permanent\n- **Cash value:** Yes\n- **Premiums:** Level\n- **Death benefit:** Fixed\n\n**How it works:** [Whole life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-whole-life-insurance\/) can provide coverage for the duration of your life. An account within the policy builds cash value over time by using part of your premium payment and adding interest. A policy will have built-in guarantees that the premium will not increase, the death benefit remains the same, and the cash value will earn a fixed rate of return.\n\n**Who is it for:** Whole life is suited for people who want lifelong coverage and are willing to pay for the guarantees provided by the policy.\n\n**Downside:** Because of the guaranteed features, whole life insurance is one of the more expensive ways to buy life insurance.\n\nPro Tip\n\nIf you’re buying whole life insurance, look for a mutual insurance company. Only mutual companies pay dividends to whole life policyholders.\n### Universal Life Insurance\n**The basics:**\n\n- **Policy length:** Permanent\n- **Cash value:** Yes\n- **Premiums:** Might be flexible\n- **Death benefit:** Might be flexible\n\n**How it works:** Universal life insurance (UL) can be hard to understand because there are a few varieties and with very different features. [Universal life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/universal-life-insurance\/) can be cheaper than whole life insurance because it generally doesn’t offer the same guarantees.\n\nWith some forms of universal life you can vary premium payments amounts and rejigger the death benefit amount, within certain limits. UL policies often have a cash value component.\n\n**Who is it for:** Universal life insurance can be good for someone looking for lifelong coverage. Some varieties of UL are suited for people who want to tie their cash value gains to market performance (indexed and variable universal life insurance).\n\n**Downsides:** If cash value is your main interest, not all UL policies guarantee you’ll make gains. And if you’re interested in flexible premiums payments, you have to stay on top of your policy’s status to make sure that the policy’s fees and charges don’t deplete your cash value and cause it to lapse. Understand what’s guaranteed within a UL policy and what isn’t.\n\n### Burial and Funeral Insurance\n**The basics:**\n\n- **Policy length:** Permanent\n- **Cash value:** Yes, typically\n- **Premiums:** Level\n- **Death benefit:** Fixed\n\n**How it works:** You may see this kind of policy called burial, funeral or final expense insurance. No matter the name, it’s usually a small whole life insurance policy that’s intended to pay only for funeral costs and other final expenses. [Burial insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/burial-insurance\/) is often offered as a policy that you can’t be turned down for and that doesn’t require a medical exam.\n\n**Who is it for:** These types of policies are generally for people in poor health who don’t have other life insurance options and who need insurance for funeral expenses.\n\n**Downsides:** Burial insurance policies are expensive, based on the amount of coverage you get for your money.\n\nBurial insurance policies also have a safeguard for the life insurance company: Your beneficiaries won’t get the full death benefit if you pass away within two or three years after buying the policy. Check the policy’s timeline for these “[graded death benefits](https:\/\/www.forbes.com\/advisor\/life-insurance\/graded-death-benefit\/).” Your beneficiaries might receive only a refund of the premiums you paid in, plus some interest.\n\n### Survivorship Life Insurance\n**The basics:**\n\n- **Policy length:** Permanent, typically\n- **Cash value:** Yes, typically\n- **Premiums:** Varies\n- **Death benefit:** Paid out after the second person dies\n\n**How it works:** Also called second-to-die life insurance, it covers two people under one policy, such as a husband and wife. The payout to beneficiaries is made only when both have passed away. Since a survivorship life insurance policy combines two individuals on one life policy, you can typically get a much more significant death benefit at a lower cost than by buying two individual life insurance policies.\n\n**Who is it for:** Survivorship policies can be beneficial in estate planning when the life insurance money is not needed by a beneficiary until both of the insured people have passed away. Survivorship life insurance might be used to fund a trust, for example. It’s also suited for high net worth couples who want to provide money to heirs for estate taxes. Or it could be used by a couple to provide a donation to charity.\n\n**Downside:** If two spouses are insured and one would suffer financially if the other passed away, this is not the right policy type. The surviving spouse does not receive any life insurance benefits. The payout is only made when both have passed away.\n\n### Mortgage Life Insurance\n**The basics:**\n\n- **Policy length:** Duration of your mortgage\n- **Cash value:** No\n- **Premiums:** May fluctuate\n- **Death benefit:** Declining death benefit as you pay down mortgage\n\n**How it works:** [Mortgage life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/mortgage-life-insurance\/) is designed to cover only the balance of a mortgage and nothing else. This policy type is different from the life insurance types above in two major ways:\n\n- The death benefit is paid to the mortgage lender, not a beneficiary that you choose.\n- The payout is the balance of the mortgage, or partial balance if that’s what you insured.\n\n**Who is it for:** Mortgage life insurance is intended for people who are primarily concerned about their family being burdened by the mortgage if they pass away. It can also be appealing to someone who doesn’t want to take a medical exam to buy life insurance.\n\n**Downside:** This type of policy won’t provide financial flexibility for your family because the payout goes to your mortgage lender.\n\nPro Tip\n\nIf you’re looking for life insurance to cover a mortgage or other debts, you’re better off with term life insurance. You can choose the term length and amount, and your family can use the payout for any purpose.\n### Credit Life Insurance\n**The basics:**\n\n- **Policy length:** Permanent, typically\n- **Cash value:** No\n- **Premiums:** Level\n- **Death benefit:** Pays off remaining debt to the lender\n\n**How it works:** Like mortgage life insurance, this insurance covers a specific debt. When you take out a loan you might be offered credit life insurance. The payments can usually be rolled into your loan payments. The life insurance payout is the balance of the debt and it’s paid to the lender, not your family.\n\n**Who is it for:** If you’re concerned about how your family would pay a certain debt if you passed away, credit life insurance might look appealing and convenient. It can also be attractive because there’s no medical exam required to qualify.\n\n**Downside:** Credit life insurance is very narrow and doesn’t allow financial flexibility in the future. You’re probably better off with term life insurance, which you can use to cover many concerns, from debt to income replacement to funeral expenses. A broader policy like term life will give your family more financial options if you pass away.\n\n### Supplemental Life Insurance\n**The basics:**\n\n- **Policy length:** Connected to your employment\n- **Cash value:** No\n- **Premiums:** Low or no cost\n- **Death benefit:** Fixed\n\n**How it works:** Supplemental life insurance is an extra policy designed to fill gaps in your primary life insurance coverage. It’s often offered by employers to enhance their basic group life insurance. Supplemental coverage is typically employee-paid, meaning you cover the premium costs. It usually stops when you leave your employer.\n\n**Who is it for:** Because usually it’s free or inexpensive, group life insurance is a good value. It’s good as supplementary coverage to your own individual life insurance policy.\n\n**Downside:** If you lose the job you generally lose the life insurance, too. That’s why it’s best to have your own life insurance that’s not tied to the workplace. Plus, on your own you can buy higher amounts of insurance.\n\n## Expert-approved Life Insurance Companies\n## Types of Life Insurance By Underwriting Method\nInsurance companies use life insurance underwriting to assess a person’s health and risk—and decide what to charge for premiums.\n\n### Fully Underwritten\n- Medical exam required.\n- Usually a lengthy application process with multiple questions related to health, family history. lifestyle and hobbies.\n- These are often the cheapest policies—even if you have some health issues—because the life insurance company collects a lot of information about you.\n### Accelerated Underwriting\n- No life insurance medical exam required.\n- Application will ask some health questions.\n- The insurance company will use third-party data about you to make a decision, such as information about your prescription drug history.\n- In some cases a policy that had accelerated underwriting can be competitively priced with a fully underwritten policy, but not always.\n- If red flags come up in the data analyzed by the insurer, you might be asked to go through a full underwriting process with a medical exam.\n### Simplified Issue\n- Doesn’t require a medical exam.\n- Applicants answer a handful of health-related questions and a “yes” answer could result in denial.\n- The insurance company may use third-party data about you to make a decision.\n### Guaranteed Issue\n- You can’t be turned down.\n- Doesn’t require a medical exam.\n- No health questions asked.\n- Often the most expensive way to buy life insurance.\n## What's the Best Type of Life Insurance?\nThe type of life insurance that’s best for you depends on your budget and why you need coverage. Someone who wants to make sure their loved ones have money to pay for a funeral requires much different life coverage than a person who wants coverage that could pay off a \\$300,000 mortgage.\n\nHere’s a look at the [best life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-life-insurance-companies\/) based on needs and goals.\n\n| Reason for coverage | Term life insurance | Whole life insurance | Universal life insurance, including variable and indexed universal life | Burial and final expense insurance |\n|---|---|---|---|---|\n| Will last the duration of your lifetime |   | X | X | X |\n| Cheapest policy for the most coverage | X |   |   |   |\n| Easiest policy to understand | X |   |   | X |\n| Has cash value |   | X | X | X |\n| For someone who wants control over cash value investments |   |   | Variable universal life |   |\n| Premium payment amounts can be flexible |   |   | X |   |\n\nExpert Tips\n\n![Jason Metz](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/150x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2020\/01\/Jason-Metz-headshot-scaled-e1621974639148.jpg)\n\nJason Metz\n\nInsurance Lead Editor\n\n![Penny Gusner](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/150x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/10\/penny.jpg)\n\nPenny Gusner\n\nInsurance Senior Writer\n\n![Les Masterson](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/150x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2022\/01\/Les-Masterson.jpg)\n\nLes Masterson\n\nInsurance Editor\n\n![Michelle Megna](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/150x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/10\/Michelle-Megna.jpeg)\n\nMichelle Megna\n\nInsurance Lead Editor\n\n## Compare Life Insurance Companies\nCompare Policies With Leading Insurers\n## Types of Life Insurance Frequently Asked Questions (FAQs)\nWhole life insurance comprises 35% of market share, based on life insurance premiums being paid, followed by indexed universal life insurance (26%), according to LIMRA. Term life insurance is next with 20%.\n\nOverall, the number of life insurance policies sold increased by 4% in the first quarter of 2023, compared to last year, according to LIMRA.\n\n[Variable universal life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/variable-life-insurance\/) has cash value that’s tied to investment options called sub-accounts. You can choose which sub-accounts to put your cash value in, and gains and losses are based on your investment choices.\n\n[Indexed universal life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/indexed-universal-life-insurance\/) has investment-like cash value growth: Gains are tied to a specific index, such as the S\\&P 500, although your cash value is not directly invested in the index.\n\nYou can borrow from [cash value life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/cash-value-life-insurance\/) policies such as whole life, universal life, variable universal life and indexed universal life insurance. Borrowing isn’t available with term life insurance policies because there is no cash value.\n\nThe two major types of life insurance are term life insurance and permanent life insurance.\n\n[Term life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-term-life-insurance-companies\/) allows you to lock in rates for a specific period of time, such as 10, 15, 20 or 30 years. Once the level term period ends, you can usually renew the policy every year after, but renewal rates can quickly become unaffordable. Term life insurance has a fixed death benefit, but it does not have cash value.\n\nPermanent life insurance is coverage that typically lasts for your entire life and can build cash value. There are several types of permanent life insurance, including [whole life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-whole-life-insurance\/) and universal life insurance.\n\nThe cheapest type of life insurance is typically term life insurance, which lets you lock in rates for a specific period, such as 20 years. As an example, the average cost of a 20-year, \\$500,000 term life insurance policy for a 40-year-old woman is \\$304 annually and \\$360 for a man.\n\nYour own [cost of life insurance](https:\/\/www.forbes.com\/advisor\/life-insurance\/how-much-is-life-insurance\/) varies by age, gender, health, nicotine and marijuana use, and other factors.\n***\n\n*Forbes Advisor is not a licensed insurance agency. Insurance offerings are provided by CompareCoverage, NPN 20753534 and CA [License](https:\/\/comparecoverage.com\/licenses) \\# 6011227. © 2026 CompareCoverage. All Rights Reserved.*","meta_canonical":null}

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Boilerpipe Text	Cost is a significant factor when you’re shopping for life insurance, but there is much more to selecting the right policy than finding the lowest premium. There are eight types of life insurance, and the variations among them can mean the difference between financial security and a waste of money, depending on your unique circumstances. Understanding each type before you start shopping will help you make the best choice. Different Types of Life Insurance There are two main types of life insurance : term life and permanent life. Then, there are several subtypes of permanent life insurance to consider. To get you started, here’s an overview of types of life insurance and the main points to know for each. Term life insurance Whole life insurance Universal life insurance Burial insurance/funeral insurance Survivorship life insurance/joint life insurance Mortgage life insurance Credit life insurance Supplemental insurance Compare Different Types of Life Insurance Life insurance types are often distinguished by how long the policy can last, whether it builds cash value, and whether the premiums or death benefit can be variable. Type of life insurance Policy length Cash value Premiums Death benefit Term life Level term period varies, but often can be 10, 15, 20 or 30 years No Multiple options: Level, annual renewable, decreasing Fixed Whole life Permanent Yes Level Fixed Universal life Permanent Yes Might be flexible Might be flexible Variable life/variable universal life Permanent Yes Level Might fluctuate Burial life Permanent Yes Level Fixed Survivorship life Permanent, typically Yes Varies Paid out after second person dies Mortgage life Policy in effect for duration of mortgage No May fluctuate Declining death benefit as you pay down mortgage Credit life Permanent, typically No Level Pays off remaining debt to the lender Supplemental life Connected to your employment No Low or no cost Fixed Term Life Insurance The basics: Policy length: Common level term periods include 5, 10, 15, 20 or 30 years Cash value: No Premiums: Level, annual renewable or decreasing Death benefit: Fixed How it works: Term life insurance has a specific end date for the level term period, when rates stay the same. After this period you can renew the policy, but at higher rates each year. Choices of coverage lengths are generally 5, 10, 15, 25 or 30 years. It’s the cheapest way to buy life insurance because you’re buying only insurance coverage and not paying for cash value life insurance . Who is it for: Term life insurance is ideal for people who want life insurance coverage for a specific debt or situation. For example, some people buy it to cover their working years as income replacement for their family in case they pass away. Some people buy term life to cover the years of a mortgage or other large debt. Downside: If you still need coverage after the level term period expires, you could find the renewal rates to be unaffordable. And buying a new life insurance policy could be extremely pricey based on your age and any health conditions you’ve developed. Pro Tip Consider life insurance policies that have living benefits . These benefits allow you to take money from your own death benefit if you develop a terminal, critical or chronic illness that qualifies. Whole Life Insurance The basics: Policy length: Permanent Cash value: Yes Premiums: Level Death benefit: Fixed How it works: Whole life insurance can provide coverage for the duration of your life. An account within the policy builds cash value over time by using part of your premium payment and adding interest. A policy will have built-in guarantees that the premium will not increase, the death benefit remains the same, and the cash value will earn a fixed rate of return. Who is it for: Whole life is suited for people who want lifelong coverage and are willing to pay for the guarantees provided by the policy. Downside: Because of the guaranteed features, whole life insurance is one of the more expensive ways to buy life insurance. Pro Tip If you’re buying whole life insurance, look for a mutual insurance company. Only mutual companies pay dividends to whole life policyholders. Universal Life Insurance The basics: Policy length: Permanent Cash value: Yes Premiums: Might be flexible Death benefit: Might be flexible How it works: Universal life insurance (UL) can be hard to understand because there are a few varieties and with very different features. Universal life insurance can be cheaper than whole life insurance because it generally doesn’t offer the same guarantees. With some forms of universal life you can vary premium payments amounts and rejigger the death benefit amount, within certain limits. UL policies often have a cash value component. Who is it for: Universal life insurance can be good for someone looking for lifelong coverage. Some varieties of UL are suited for people who want to tie their cash value gains to market performance (indexed and variable universal life insurance). Downsides: If cash value is your main interest, not all UL policies guarantee you’ll make gains. And if you’re interested in flexible premiums payments, you have to stay on top of your policy’s status to make sure that the policy’s fees and charges don’t deplete your cash value and cause it to lapse. Understand what’s guaranteed within a UL policy and what isn’t. Burial and Funeral Insurance The basics: Policy length: Permanent Cash value: Yes, typically Premiums: Level Death benefit: Fixed How it works: You may see this kind of policy called burial, funeral or final expense insurance. No matter the name, it’s usually a small whole life insurance policy that’s intended to pay only for funeral costs and other final expenses. Burial insurance is often offered as a policy that you can’t be turned down for and that doesn’t require a medical exam. Who is it for: These types of policies are generally for people in poor health who don’t have other life insurance options and who need insurance for funeral expenses. Downsides: Burial insurance policies are expensive, based on the amount of coverage you get for your money. Burial insurance policies also have a safeguard for the life insurance company: Your beneficiaries won’t get the full death benefit if you pass away within two or three years after buying the policy. Check the policy’s timeline for these “ graded death benefits .” Your beneficiaries might receive only a refund of the premiums you paid in, plus some interest. Survivorship Life Insurance The basics: Policy length: Permanent, typically Cash value: Yes, typically Premiums: Varies Death benefit: Paid out after the second person dies How it works: Also called second-to-die life insurance, it covers two people under one policy, such as a husband and wife. The payout to beneficiaries is made only when both have passed away. Since a survivorship life insurance policy combines two individuals on one life policy, you can typically get a much more significant death benefit at a lower cost than by buying two individual life insurance policies. Who is it for: Survivorship policies can be beneficial in estate planning when the life insurance money is not needed by a beneficiary until both of the insured people have passed away. Survivorship life insurance might be used to fund a trust, for example. It’s also suited for high net worth couples who want to provide money to heirs for estate taxes. Or it could be used by a couple to provide a donation to charity. Downside: If two spouses are insured and one would suffer financially if the other passed away, this is not the right policy type. The surviving spouse does not receive any life insurance benefits. The payout is only made when both have passed away. Mortgage Life Insurance The basics: Policy length: Duration of your mortgage Cash value: No Premiums: May fluctuate Death benefit: Declining death benefit as you pay down mortgage How it works: Mortgage life insurance is designed to cover only the balance of a mortgage and nothing else. This policy type is different from the life insurance types above in two major ways: The death benefit is paid to the mortgage lender, not a beneficiary that you choose. The payout is the balance of the mortgage, or partial balance if that’s what you insured. Who is it for: Mortgage life insurance is intended for people who are primarily concerned about their family being burdened by the mortgage if they pass away. It can also be appealing to someone who doesn’t want to take a medical exam to buy life insurance. Downside: This type of policy won’t provide financial flexibility for your family because the payout goes to your mortgage lender. Pro Tip If you’re looking for life insurance to cover a mortgage or other debts, you’re better off with term life insurance. You can choose the term length and amount, and your family can use the payout for any purpose. Credit Life Insurance The basics: Policy length: Permanent, typically Cash value: No Premiums: Level Death benefit: Pays off remaining debt to the lender How it works: Like mortgage life insurance, this insurance covers a specific debt. When you take out a loan you might be offered credit life insurance. The payments can usually be rolled into your loan payments. The life insurance payout is the balance of the debt and it’s paid to the lender, not your family. Who is it for: If you’re concerned about how your family would pay a certain debt if you passed away, credit life insurance might look appealing and convenient. It can also be attractive because there’s no medical exam required to qualify. Downside: Credit life insurance is very narrow and doesn’t allow financial flexibility in the future. You’re probably better off with term life insurance, which you can use to cover many concerns, from debt to income replacement to funeral expenses. A broader policy like term life will give your family more financial options if you pass away. Supplemental Life Insurance The basics: Policy length: Connected to your employment Cash value: No Premiums: Low or no cost Death benefit: Fixed How it works: Supplemental life insurance is an extra policy designed to fill gaps in your primary life insurance coverage. It’s often offered by employers to enhance their basic group life insurance. Supplemental coverage is typically employee-paid, meaning you cover the premium costs. It usually stops when you leave your employer. Who is it for: Because usually it’s free or inexpensive, group life insurance is a good value. It’s good as supplementary coverage to your own individual life insurance policy. Downside: If you lose the job you generally lose the life insurance, too. That’s why it’s best to have your own life insurance that’s not tied to the workplace. Plus, on your own you can buy higher amounts of insurance. Expert-approved Life Insurance Companies Types of Life Insurance By Underwriting Method Insurance companies use life insurance underwriting to assess a person’s health and risk—and decide what to charge for premiums. Fully Underwritten Medical exam required. Usually a lengthy application process with multiple questions related to health, family history. lifestyle and hobbies. These are often the cheapest policies—even if you have some health issues—because the life insurance company collects a lot of information about you. Accelerated Underwriting No life insurance medical exam required. Application will ask some health questions. The insurance company will use third-party data about you to make a decision, such as information about your prescription drug history. In some cases a policy that had accelerated underwriting can be competitively priced with a fully underwritten policy, but not always. If red flags come up in the data analyzed by the insurer, you might be asked to go through a full underwriting process with a medical exam. Simplified Issue Doesn’t require a medical exam. Applicants answer a handful of health-related questions and a “yes” answer could result in denial. The insurance company may use third-party data about you to make a decision. Guaranteed Issue You can’t be turned down. Doesn’t require a medical exam. No health questions asked. Often the most expensive way to buy life insurance. What's the Best Type of Life Insurance? The type of life insurance that’s best for you depends on your budget and why you need coverage. Someone who wants to make sure their loved ones have money to pay for a funeral requires much different life coverage than a person who wants coverage that could pay off a $300,000 mortgage. Here’s a look at the best life insurance based on needs and goals. Reason for coverage Term life insurance Whole life insurance Universal life insurance, including variable and indexed universal life Burial and final expense insurance Will last the duration of your lifetime X X X Cheapest policy for the most coverage X Easiest policy to understand X X Has cash value X X X For someone who wants control over cash value investments Variable universal life Premium payment amounts can be flexible X Expert Tips Jason Metz Insurance Lead Editor Penny Gusner Insurance Senior Writer Les Masterson Insurance Editor Michelle Megna Insurance Lead Editor Compare Life Insurance Companies Compare Policies With Leading Insurers Types of Life Insurance Frequently Asked Questions (FAQs) Whole life insurance comprises 35% of market share, based on life insurance premiums being paid, followed by indexed universal life insurance (26%), according to LIMRA. Term life insurance is next with 20%. Overall, the number of life insurance policies sold increased by 4% in the first quarter of 2023, compared to last year, according to LIMRA. Variable universal life insurance has cash value that’s tied to investment options called sub-accounts. You can choose which sub-accounts to put your cash value in, and gains and losses are based on your investment choices. Indexed universal life insurance has investment-like cash value growth: Gains are tied to a specific index, such as the S&P 500, although your cash value is not directly invested in the index. You can borrow from cash value life insurance policies such as whole life, universal life, variable universal life and indexed universal life insurance. Borrowing isn’t available with term life insurance policies because there is no cash value. The two major types of life insurance are term life insurance and permanent life insurance. Term life insurance allows you to lock in rates for a specific period of time, such as 10, 15, 20 or 30 years. Once the level term period ends, you can usually renew the policy every year after, but renewal rates can quickly become unaffordable. Term life insurance has a fixed death benefit, but it does not have cash value. Permanent life insurance is coverage that typically lasts for your entire life and can build cash value. There are several types of permanent life insurance, including whole life insurance and universal life insurance. The cheapest type of life insurance is typically term life insurance, which lets you lock in rates for a specific period, such as 20 years. As an example, the average cost of a 20-year, $500,000 term life insurance policy for a 40-year-old woman is $304 annually and $360 for a man. Your own cost of life insurance varies by age, gender, health, nicotine and marijuana use, and other factors. Forbes Advisor is not a licensed insurance agency. Insurance offerings are provided by CompareCoverage, NPN 20753534 and CA License # 6011227. © 2026 CompareCoverage. All Rights Reserved.
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Advertiser Disclosure - [advisor](https://www.forbes.com/advisor/) - [Life Insurance](https://www.forbes.com/advisor/life-insurance/) - How To Decide Which Type Of Life Insurance Is Right For You # How To Decide Which Type Of Life Insurance Is Right For You Audited & Verified: Sep 8, 2025, 10:38am [![Ashlee Valentine](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2023/11/Ashlee-Tilford-e1701361587850-88x88.jpg)](https://www.forbes.com/advisor/author/atilford/) ![Ashlee Valentine](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2023/11/Ashlee-Tilford-e1701361587850-88x88.jpg) [Ashlee Valentine](https://www.forbes.com/advisor/author/atilford/)Former Staff Editor Ashlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. Wh... - [![Linkedin icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-linkedin-icon.svg)](https://www.linkedin.com/in/ashleetilford/) [Read Full Bio![See Full Bio](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/read-full-bio.svg)](https://www.forbes.com/advisor/author/atilford/) ![close icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-close-icon.svg) ![Ashlee Valentine](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2023/11/Ashlee-Tilford-e1701361587850-88x88.jpg) [Ashlee Valentine](https://www.forbes.com/advisor/author/atilford/)Former Staff Editor Ashlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. Wh... - [![Linkedin icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-linkedin-icon.svg)](https://www.linkedin.com/in/ashleetilford/) [Read Full Bio![See Full Bio](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/read-full-bio.svg)](https://www.forbes.com/advisor/author/atilford/) Written By [Ashlee Valentine](https://www.forbes.com/advisor/author/atilford/) ![Ashlee Valentine](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2023/11/Ashlee-Tilford-e1701361587850-88x88.jpg) [Ashlee Valentine](https://www.forbes.com/advisor/author/atilford/)Former Staff Editor Ashlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. Wh... - [![Linkedin icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-linkedin-icon.svg)](https://www.linkedin.com/in/ashleetilford/) [Read Full Bio![See Full Bio](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/read-full-bio.svg)](https://www.forbes.com/advisor/author/atilford/) ![close icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-close-icon.svg) ![Ashlee Valentine](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2023/11/Ashlee-Tilford-e1701361587850-88x88.jpg) [Ashlee Valentine](https://www.forbes.com/advisor/author/atilford/)Former Staff Editor Ashlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. Wh... - [![Linkedin icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-linkedin-icon.svg)](https://www.linkedin.com/in/ashleetilford/) [Read Full Bio![See Full Bio](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/read-full-bio.svg)](https://www.forbes.com/advisor/author/atilford/) Former Staff Editor [![Michelle Megna](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2021/10/Michelle-Megna-88x88.jpeg)](https://www.forbes.com/advisor/author/mmegna/) ![Michelle Megna](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2021/10/Michelle-Megna-88x88.jpeg) Reviewed by [Michelle Megna](https://www.forbes.com/advisor/author/mmegna/)Staff Editor Michelle is a lead editor at Forbes Advisor. She has been a journalist for over 35 years, writing about insurance for consumers for the last decade. Prior to covering insurance, Michelle was a lifestyle reporter at the New York Daily News, a magazine... - [![Linkedin icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-linkedin-icon.svg)](https://www.linkedin.com/in/michelle-megna-507b65/) [Read Full Bio![See Full Bio](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/read-full-bio.svg)](https://www.forbes.com/advisor/author/mmegna/) ![close icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-close-icon.svg) ![Michelle Megna](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2021/10/Michelle-Megna-88x88.jpeg) Reviewed by [Michelle Megna](https://www.forbes.com/advisor/author/mmegna/)Staff Editor Michelle is a lead editor at Forbes Advisor. She has been a journalist for over 35 years, writing about insurance for consumers for the last decade. Prior to covering insurance, Michelle was a lifestyle reporter at the New York Daily News, a magazine... - [![Linkedin icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-linkedin-icon.svg)](https://www.linkedin.com/in/michelle-megna-507b65/) [Read Full Bio![See Full Bio](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/read-full-bio.svg)](https://www.forbes.com/advisor/author/mmegna/) Reviewed [Michelle Megna](https://www.forbes.com/advisor/author/mmegna/) ![Michelle Megna](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2021/10/Michelle-Megna-88x88.jpeg) Reviewed by [Michelle Megna](https://www.forbes.com/advisor/author/mmegna/)Staff Editor Michelle is a lead editor at Forbes Advisor. She has been a journalist for over 35 years, writing about insurance for consumers for the last decade. Prior to covering insurance, Michelle was a lifestyle reporter at the New York Daily News, a magazine... - [![Linkedin icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-linkedin-icon.svg)](https://www.linkedin.com/in/michelle-megna-507b65/) [Read Full Bio![See Full Bio](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/read-full-bio.svg)](https://www.forbes.com/advisor/author/mmegna/) ![close icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-close-icon.svg) ![Michelle Megna](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2021/10/Michelle-Megna-88x88.jpeg) Reviewed by [Michelle Megna](https://www.forbes.com/advisor/author/mmegna/)Staff Editor Michelle is a lead editor at Forbes Advisor. She has been a journalist for over 35 years, writing about insurance for consumers for the last decade. Prior to covering insurance, Michelle was a lifestyle reporter at the New York Daily News, a magazine... - [![Linkedin icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-linkedin-icon.svg)](https://www.linkedin.com/in/michelle-megna-507b65/) [Read Full Bio![See Full Bio](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/read-full-bio.svg)](https://www.forbes.com/advisor/author/mmegna/) Staff Editor & 1 other Have a question we may not have answered? Ask our editors here Have a question for Ashlee Valentine or our other editors? Ask here for a chance to be featured in a story. This form is protected by reCAPTCHA Enterprise and the Google [Privacy Policy](https://policies.google.com/privacy)and [Terms of Service](https://policies.google.com/terms)apply. ![Ashlee Valentine](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2023/11/Ashlee-Tilford-e1701361587850-88x88.jpg) ![Michelle Megna](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2021/10/Michelle-Megna-88x88.jpeg) Send a note to Ashlee Valentine, Michelle Megna and our other editors. We read every email. By submitting this form, you agree to allow us to collect, store, and potentially publish your provided information, including name and question, in the article or any related content. You confirm that the submitted content is original, accurate, and non-infringing on any third-party rights. We may contact you via the email address provided for follow-up questions or to notify you if your question is selected for publication. See our [Terms of Use](https://www.forbes.com/terms-and-conditions/#5cc91797193f)and our [Privacy Policy](https://www.forbes.com/advisor/privacy-policy/). Thank you for submitting your question. Keep reading Forbes Advisor for the chance to see the answer to your question in one of our upcoming stories. Our editors also may be in touch with follow-up questions. Continue reading ![How To Decide Which Type Of Life Insurance Is Right For You](https://thumbor.forbes.com/thumbor/fit-in/900x510/https://www.forbes.com/advisor/wp-content/uploads/2023/06/couple-comparing-life-insurance-policies.jpeg-1.jpg) Getty Cost is a significant factor when you’re shopping for life insurance, but there is much more to selecting the right policy than finding the lowest premium. There are eight types of life insurance, and the variations among them can mean the difference between financial security and a waste of money, depending on your unique circumstances. Understanding each type before you start shopping will help you make the best choice. ## Different Types of Life Insurance There are two main types of [life insurance](https://www.forbes.com/advisor/life-insurance/best-life-insurance-companies/): term life and permanent life. Then, there are several subtypes of permanent life insurance to consider. To get you started, here’s an overview of types of life insurance and the main points to know for each. - [Term life insurance](https://www.forbes.com/advisor/life-insurance/types/#term-life-insurance) - [Whole life insurance](https://www.forbes.com/advisor/life-insurance/types/#whole-life-insurance) - [Universal life insurance](https://www.forbes.com/advisor/life-insurance/types/#universal-life-insurance) - [Burial insurance/funeral insurance](https://www.forbes.com/advisor/life-insurance/types/#burial-insurance) - [Survivorship life insurance/joint life insurance](https://www.forbes.com/advisor/life-insurance/types/#survivorship-life-insurance) - [Mortgage life insurance](https://www.forbes.com/advisor/life-insurance/types/#mortgage-life-insurance) - [Credit life insurance](https://www.forbes.com/advisor/life-insurance/types/#credit-life-insurance) - [Supplemental insurance](https://www.forbes.com/advisor/life-insurance/types/#supplemental-insurance) ## Compare Different Types of Life Insurance Life insurance types are often distinguished by how long the policy can last, whether it builds cash value, and whether the premiums or death benefit can be variable. \| Type of life insurance \| Policy length \| Cash value \| Premiums \| Death benefit \| \|---\|---\|---\|---\|---\| \| Term life \| Level term period varies, but often can be 10, 15, 20 or 30 years \| No \| Multiple options: Level, annual renewable, decreasing \| Fixed \| \| Whole life \| Permanent \| Yes \| Level \| Fixed \| \| Universal life \| Permanent \| Yes \| Might be flexible \| Might be flexible \| \| Variable life/variable universal life \| Permanent \| Yes \| Level \| Might fluctuate \| \| Burial life \| Permanent \| Yes \| Level \| Fixed \| \| Survivorship life \| Permanent, typically \| Yes \| Varies \| Paid out after second person dies \| \| Mortgage life \| Policy in effect for duration of mortgage \| No \| May fluctuate \| Declining death benefit as you pay down mortgage \| \| Credit life \| Permanent, typically \| No \| Level \| Pays off remaining debt to the lender \| \| Supplemental life \| Connected to your employment \| No \| Low or no cost \| Fixed \| ![Left Arrow](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAcAAAAMCAYAAACulacQAAAACXBIWXMAAAsTAAALEwEAmpwYAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAADJSURBVHgBXZCxDcIwEEXvLrbTMgIjeAQXQB0aUiBENgAmIBswQkJJg6iQaGAF2CBskBY5wbEjWXLiwjr73f//dAijo5JiEse01Zrd2BhwgS8DIDnXcgBFjAUASltWkeY5eTBPSwcSW9ZMM3W/rr+9crY6HxEgcwCBeuD+yQFCyPsH/pePy+bj3YiCzLaNTDgDumuRlidb7o2BmpCUV2M4EAJmrqFtmHzaXAxtfAOAqRrNVRgJ+mcOFryt4dQuIR8o/ZaEoB1rWNkBtuxEvL1bUnQAAAAASUVORK5CYII=) ![Right Arrow](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAcAAAAMCAYAAACulacQAAAACXBIWXMAAAsTAAALEwEAmpwYAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAADQSURBVHgBdVC5DcJAENw53pAS6AA6wAlPCAGCDLsSoAJEBXwJEDk0JrA7wCW4BMeH5GXP2MggscHenEYzNzew5rt2PVULrdNt6DoJlUY1GEsCrWp1BNZ41/oiAV7LGQPo1hrYlEmYNRLrlNVDYIuJ9/eL7WRKs7yzE4OUJTABwR7M9puPspj+9NiD4tDglGml6M8YolJchrNTh8CewCaJyr8u1plt9tc8ECTQLQ+EN4FAYJuIXf9iTwq3qimBhWDm6KnZKb9bzUpgRFrz4be+FwjJTXtIGD7JAAAAAElFTkSuQmCC) See More See Less ### Term Life Insurance The basics: - Policy length: Common level term periods include 5, 10, 15, 20 or 30 years - Cash value: No - Premiums: Level, annual renewable or decreasing - Death benefit: Fixed How it works: [Term life insurance](https://www.forbes.com/advisor/life-insurance/best-term-life-insurance-companies/) has a specific end date for the level term period, when rates stay the same. After this period you can renew the policy, but at higher rates each year. Choices of coverage lengths are generally 5, 10, 15, 25 or 30 years. It’s the cheapest way to buy life insurance because you’re buying only insurance coverage and not paying for [cash value life insurance](https://www.forbes.com/advisor/life-insurance/cash-value-life-insurance/). Who is it for: Term life insurance is ideal for people who want life insurance coverage for a specific debt or situation. For example, some people buy it to cover their working years as income replacement for their family in case they pass away. Some people buy term life to cover the years of a mortgage or other large debt. Downside: If you still need coverage after the level term period expires, you could find the renewal rates to be unaffordable. And buying a new life insurance policy could be extremely pricey based on your age and any health conditions you’ve developed. Pro Tip Consider life insurance policies that have [living benefits](https://www.forbes.com/advisor/life-insurance/living-benefits-in-life-insurance/). These benefits allow you to take money from your own death benefit if you develop a terminal, critical or chronic illness that qualifies. ### Whole Life Insurance The basics: - Policy length: Permanent - Cash value: Yes - Premiums: Level - Death benefit: Fixed How it works: [Whole life insurance](https://www.forbes.com/advisor/life-insurance/best-whole-life-insurance/) can provide coverage for the duration of your life. An account within the policy builds cash value over time by using part of your premium payment and adding interest. A policy will have built-in guarantees that the premium will not increase, the death benefit remains the same, and the cash value will earn a fixed rate of return. Who is it for: Whole life is suited for people who want lifelong coverage and are willing to pay for the guarantees provided by the policy. Downside: Because of the guaranteed features, whole life insurance is one of the more expensive ways to buy life insurance. Pro Tip If you’re buying whole life insurance, look for a mutual insurance company. Only mutual companies pay dividends to whole life policyholders. ### Universal Life Insurance The basics: - Policy length: Permanent - Cash value: Yes - Premiums: Might be flexible - Death benefit: Might be flexible How it works: Universal life insurance (UL) can be hard to understand because there are a few varieties and with very different features. [Universal life insurance](https://www.forbes.com/advisor/life-insurance/universal-life-insurance/) can be cheaper than whole life insurance because it generally doesn’t offer the same guarantees. With some forms of universal life you can vary premium payments amounts and rejigger the death benefit amount, within certain limits. UL policies often have a cash value component. Who is it for: Universal life insurance can be good for someone looking for lifelong coverage. Some varieties of UL are suited for people who want to tie their cash value gains to market performance (indexed and variable universal life insurance). Downsides: If cash value is your main interest, not all UL policies guarantee you’ll make gains. And if you’re interested in flexible premiums payments, you have to stay on top of your policy’s status to make sure that the policy’s fees and charges don’t deplete your cash value and cause it to lapse. Understand what’s guaranteed within a UL policy and what isn’t. ### Burial and Funeral Insurance The basics: - Policy length: Permanent - Cash value: Yes, typically - Premiums: Level - Death benefit: Fixed How it works: You may see this kind of policy called burial, funeral or final expense insurance. No matter the name, it’s usually a small whole life insurance policy that’s intended to pay only for funeral costs and other final expenses. [Burial insurance](https://www.forbes.com/advisor/life-insurance/burial-insurance/) is often offered as a policy that you can’t be turned down for and that doesn’t require a medical exam. Who is it for: These types of policies are generally for people in poor health who don’t have other life insurance options and who need insurance for funeral expenses. Downsides: Burial insurance policies are expensive, based on the amount of coverage you get for your money. Burial insurance policies also have a safeguard for the life insurance company: Your beneficiaries won’t get the full death benefit if you pass away within two or three years after buying the policy. Check the policy’s timeline for these “[graded death benefits](https://www.forbes.com/advisor/life-insurance/graded-death-benefit/).” Your beneficiaries might receive only a refund of the premiums you paid in, plus some interest. ### Survivorship Life Insurance The basics: - Policy length: Permanent, typically - Cash value: Yes, typically - Premiums: Varies - Death benefit: Paid out after the second person dies How it works: Also called second-to-die life insurance, it covers two people under one policy, such as a husband and wife. The payout to beneficiaries is made only when both have passed away. Since a survivorship life insurance policy combines two individuals on one life policy, you can typically get a much more significant death benefit at a lower cost than by buying two individual life insurance policies. Who is it for: Survivorship policies can be beneficial in estate planning when the life insurance money is not needed by a beneficiary until both of the insured people have passed away. Survivorship life insurance might be used to fund a trust, for example. It’s also suited for high net worth couples who want to provide money to heirs for estate taxes. Or it could be used by a couple to provide a donation to charity. Downside: If two spouses are insured and one would suffer financially if the other passed away, this is not the right policy type. The surviving spouse does not receive any life insurance benefits. The payout is only made when both have passed away. ### Mortgage Life Insurance The basics: - Policy length: Duration of your mortgage - Cash value: No - Premiums: May fluctuate - Death benefit: Declining death benefit as you pay down mortgage How it works: [Mortgage life insurance](https://www.forbes.com/advisor/life-insurance/mortgage-life-insurance/) is designed to cover only the balance of a mortgage and nothing else. This policy type is different from the life insurance types above in two major ways: - The death benefit is paid to the mortgage lender, not a beneficiary that you choose. - The payout is the balance of the mortgage, or partial balance if that’s what you insured. Who is it for: Mortgage life insurance is intended for people who are primarily concerned about their family being burdened by the mortgage if they pass away. It can also be appealing to someone who doesn’t want to take a medical exam to buy life insurance. Downside: This type of policy won’t provide financial flexibility for your family because the payout goes to your mortgage lender. Pro Tip If you’re looking for life insurance to cover a mortgage or other debts, you’re better off with term life insurance. You can choose the term length and amount, and your family can use the payout for any purpose. ### Credit Life Insurance The basics: - Policy length: Permanent, typically - Cash value: No - Premiums: Level - Death benefit: Pays off remaining debt to the lender How it works: Like mortgage life insurance, this insurance covers a specific debt. When you take out a loan you might be offered credit life insurance. The payments can usually be rolled into your loan payments. The life insurance payout is the balance of the debt and it’s paid to the lender, not your family. Who is it for: If you’re concerned about how your family would pay a certain debt if you passed away, credit life insurance might look appealing and convenient. It can also be attractive because there’s no medical exam required to qualify. Downside: Credit life insurance is very narrow and doesn’t allow financial flexibility in the future. You’re probably better off with term life insurance, which you can use to cover many concerns, from debt to income replacement to funeral expenses. A broader policy like term life will give your family more financial options if you pass away. ### Supplemental Life Insurance The basics: - Policy length: Connected to your employment - Cash value: No - Premiums: Low or no cost - Death benefit: Fixed How it works: Supplemental life insurance is an extra policy designed to fill gaps in your primary life insurance coverage. It’s often offered by employers to enhance their basic group life insurance. Supplemental coverage is typically employee-paid, meaning you cover the premium costs. It usually stops when you leave your employer. Who is it for: Because usually it’s free or inexpensive, group life insurance is a good value. It’s good as supplementary coverage to your own individual life insurance policy. Downside: If you lose the job you generally lose the life insurance, too. That’s why it’s best to have your own life insurance that’s not tied to the workplace. Plus, on your own you can buy higher amounts of insurance. ## Expert-approved Life Insurance Companies [![Northwestern Mutual](https://www.forbes.com/advisor/wp-content/uploads/2022/02/Northwestern-Mutual_logo-removebg-preview.png)](https://rate.lifequotes.com/liferequest/controller?reqid=qstermindex&REF=60642) [Northwestern Mutual](https://rate.lifequotes.com/liferequest/controller?reqid=qstermindex&REF=60642) ![Forbes Advisor Desktop Logo](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/forbes-advisor.svg) ![Forbes Advisor Mobile Logo](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/forbes-advisor.svg) 5\.0 ![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg) ![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/tooltip.svg) [See Plans](https://rate.lifequotes.com/liferequest/controller?reqid=qstermindex&REF=60642) Compare quotes from participating carriers via Lifequotes.com Our Expert Take Best overall Whole Life Policies Sold Whole Life One Whole Life Plus [![Penn Mutual](https://www.forbes.com/advisor/wp-content/uploads/2024/06/Penn-Mutual_logo-removebg-preview.png)](https://rate.lifequotes.com/liferequest/controller?reqid=qstermindex&REF=60642) [Penn Mutual](https://rate.lifequotes.com/liferequest/controller?reqid=qstermindex&REF=60642) ![Forbes Advisor Desktop Logo](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/forbes-advisor.svg) ![Forbes Advisor Mobile Logo](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/forbes-advisor.svg) 4\.1 ![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/outline-star.svg) ![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/tooltip.svg) [See Plans](https://rate.lifequotes.com/liferequest/controller?reqid=qstermindex&REF=60642) Compare quotes from participating carriers via Lifequotes.com Our Expert Take Great for investment results Whole Life Policies Sold Guaranteed Whole Life II ![Most Popular Tag](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/most-popular-tag.svg) [![Protective](https://www.forbes.com/advisor/wp-content/uploads/2024/06/Protective.png)](https://rate.lifequotes.com/liferequest/controller?reqid=qstermindex&REF=60642) [Protective](https://rate.lifequotes.com/liferequest/controller?reqid=qstermindex&REF=60642) ![Forbes Advisor Desktop Logo](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/forbes-advisor.svg) ![Forbes Advisor Mobile Logo](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/forbes-advisor.svg) 4\.0 ![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/outline-star.svg) ![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/tooltip.svg) [See Plans](https://rate.lifequotes.com/liferequest/controller?reqid=qstermindex&REF=60642) Compare quotes from participating carriers via Lifequotes.com Our Expert Take Great for reliable financial planning Whole Life Policies Sold Non-Participating Whole Life \| Company \| Forbes Advisor rating \| Our expert take \| Whole life policies sold \| Learn More \| \|---\|---\|---\|---\|---\| \| [![Northwestern Mutual](https://www.forbes.com/advisor/wp-content/uploads/2022/02/Northwestern-Mutual_logo-removebg-preview.png)](https://rate.lifequotes.com/liferequest/controller?reqid=qstermindex&REF=60642) [Northwestern Mutual](https://rate.lifequotes.com/liferequest/controller?reqid=qstermindex&REF=60642) \| ![Forbes Advisor Desktop Logo](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/forbes-advisor.svg) ![Forbes Advisor Mobile Logo](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/forbes-advisor.svg) 5\.0 ![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg) ![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/tooltip.svg) \| Best overall \| Whole Life One Whole Life Plus \| [See Plans](https://rate.lifequotes.com/liferequest/controller?reqid=qstermindex&REF=60642) Compare quotes from participating carriers via Lifequotes.com \| \| [![Penn Mutual](https://www.forbes.com/advisor/wp-content/uploads/2024/06/Penn-Mutual_logo-removebg-preview.png)](https://rate.lifequotes.com/liferequest/controller?reqid=qstermindex&REF=60642) [Penn Mutual](https://rate.lifequotes.com/liferequest/controller?reqid=qstermindex&REF=60642) \| ![Forbes Advisor Desktop Logo](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/forbes-advisor.svg) ![Forbes Advisor Mobile Logo](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/forbes-advisor.svg) 4\.1 ![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/outline-star.svg) ![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/tooltip.svg) \| Great for investment results \| Guaranteed Whole Life II \| [See Plans](https://rate.lifequotes.com/liferequest/controller?reqid=qstermindex&REF=60642) Compare quotes from participating carriers via Lifequotes.com \| \| ![Most Popular Tag](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/most-popular-tag.svg) [![Protective](https://www.forbes.com/advisor/wp-content/uploads/2024/06/Protective.png)](https://rate.lifequotes.com/liferequest/controller?reqid=qstermindex&REF=60642) [Protective](https://rate.lifequotes.com/liferequest/controller?reqid=qstermindex&REF=60642) \| ![Forbes Advisor Desktop Logo](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/forbes-advisor.svg) ![Forbes Advisor Mobile Logo](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/forbes-advisor.svg) 4\.0 ![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/filled-star.svg)![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/outline-star.svg) ![](https://www.forbes.com/advisor/wp-content/plugins/marketplace-tables/public/images/tooltip.svg) \| Great for reliable financial planning \| Non-Participating Whole Life \| [See Plans](https://rate.lifequotes.com/liferequest/controller?reqid=qstermindex&REF=60642) Compare quotes from participating carriers via Lifequotes.com \| ![Left Arrow](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAcAAAAMCAYAAACulacQAAAACXBIWXMAAAsTAAALEwEAmpwYAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAADJSURBVHgBXZCxDcIwEEXvLrbTMgIjeAQXQB0aUiBENgAmIBswQkJJg6iQaGAF2CBskBY5wbEjWXLiwjr73f//dAijo5JiEse01Zrd2BhwgS8DIDnXcgBFjAUASltWkeY5eTBPSwcSW9ZMM3W/rr+9crY6HxEgcwCBeuD+yQFCyPsH/pePy+bj3YiCzLaNTDgDumuRlidb7o2BmpCUV2M4EAJmrqFtmHzaXAxtfAOAqRrNVRgJ+mcOFryt4dQuIR8o/ZaEoB1rWNkBtuxEvL1bUnQAAAAASUVORK5CYII=) ![Right Arrow](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAcAAAAMCAYAAACulacQAAAACXBIWXMAAAsTAAALEwEAmpwYAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAADQSURBVHgBdVC5DcJAENw53pAS6AA6wAlPCAGCDLsSoAJEBXwJEDk0JrA7wCW4BMeH5GXP2MggscHenEYzNzew5rt2PVULrdNt6DoJlUY1GEsCrWp1BNZ41/oiAV7LGQPo1hrYlEmYNRLrlNVDYIuJ9/eL7WRKs7yzE4OUJTABwR7M9puPspj+9NiD4tDglGml6M8YolJchrNTh8CewCaJyr8u1plt9tc8ECTQLQ+EN4FAYJuIXf9iTwq3qimBhWDm6KnZKb9bzUpgRFrz4be+FwjJTXtIGD7JAAAAAElFTkSuQmCC) See More See Less ## Types of Life Insurance By Underwriting Method Insurance companies use life insurance underwriting to assess a person’s health and risk—and decide what to charge for premiums. ### Fully Underwritten - Medical exam required. - Usually a lengthy application process with multiple questions related to health, family history. lifestyle and hobbies. - These are often the cheapest policies—even if you have some health issues—because the life insurance company collects a lot of information about you. ### Accelerated Underwriting - No life insurance medical exam required. - Application will ask some health questions. - The insurance company will use third-party data about you to make a decision, such as information about your prescription drug history. - In some cases a policy that had accelerated underwriting can be competitively priced with a fully underwritten policy, but not always. - If red flags come up in the data analyzed by the insurer, you might be asked to go through a full underwriting process with a medical exam. ### Simplified Issue - Doesn’t require a medical exam. - Applicants answer a handful of health-related questions and a “yes” answer could result in denial. - The insurance company may use third-party data about you to make a decision. ### Guaranteed Issue - You can’t be turned down. - Doesn’t require a medical exam. - No health questions asked. - Often the most expensive way to buy life insurance. ## What's the Best Type of Life Insurance? The type of life insurance that’s best for you depends on your budget and why you need coverage. Someone who wants to make sure their loved ones have money to pay for a funeral requires much different life coverage than a person who wants coverage that could pay off a \$300,000 mortgage. Here’s a look at the [best life insurance](https://www.forbes.com/advisor/life-insurance/best-life-insurance-companies/) based on needs and goals. \| Reason for coverage \| Term life insurance \| Whole life insurance \| Universal life insurance, including variable and indexed universal life \| Burial and final expense insurance \| \|---\|---\|---\|---\|---\| \| Will last the duration of your lifetime \| \| X \| X \| X \| \| Cheapest policy for the most coverage \| X \| \| \| \| \| Easiest policy to understand \| X \| \| \| X \| \| Has cash value \| \| X \| X \| X \| \| For someone who wants control over cash value investments \| \| \| Variable universal life \| \| \| Premium payment amounts can be flexible \| \| \| X \| \| ![Left Arrow](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAcAAAAMCAYAAACulacQAAAACXBIWXMAAAsTAAALEwEAmpwYAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAADJSURBVHgBXZCxDcIwEEXvLrbTMgIjeAQXQB0aUiBENgAmIBswQkJJg6iQaGAF2CBskBY5wbEjWXLiwjr73f//dAijo5JiEse01Zrd2BhwgS8DIDnXcgBFjAUASltWkeY5eTBPSwcSW9ZMM3W/rr+9crY6HxEgcwCBeuD+yQFCyPsH/pePy+bj3YiCzLaNTDgDumuRlidb7o2BmpCUV2M4EAJmrqFtmHzaXAxtfAOAqRrNVRgJ+mcOFryt4dQuIR8o/ZaEoB1rWNkBtuxEvL1bUnQAAAAASUVORK5CYII=) ![Right Arrow](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAcAAAAMCAYAAACulacQAAAACXBIWXMAAAsTAAALEwEAmpwYAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAADQSURBVHgBdVC5DcJAENw53pAS6AA6wAlPCAGCDLsSoAJEBXwJEDk0JrA7wCW4BMeH5GXP2MggscHenEYzNzew5rt2PVULrdNt6DoJlUY1GEsCrWp1BNZ41/oiAV7LGQPo1hrYlEmYNRLrlNVDYIuJ9/eL7WRKs7yzE4OUJTABwR7M9puPspj+9NiD4tDglGml6M8YolJchrNTh8CewCaJyr8u1plt9tc8ECTQLQ+EN4FAYJuIXf9iTwq3qimBhWDm6KnZKb9bzUpgRFrz4be+FwjJTXtIGD7JAAAAAElFTkSuQmCC) See More See Less Expert Tips ## How to Buy the Right Type of Life Insurance for You ![Jason Metz](https://thumbor.forbes.com/thumbor/fit-in/150x/https://www.forbes.com/advisor/wp-content/uploads/2020/01/Jason-Metz-headshot-scaled-e1621974639148.jpg) Jason Metz Insurance Lead Editor ![Penny Gusner](https://thumbor.forbes.com/thumbor/fit-in/150x/https://www.forbes.com/advisor/wp-content/uploads/2021/10/penny.jpg) Penny Gusner Insurance Senior Writer ![Les Masterson](https://thumbor.forbes.com/thumbor/fit-in/150x/https://www.forbes.com/advisor/wp-content/uploads/2022/01/Les-Masterson.jpg) Les Masterson Insurance Editor ![Michelle Megna](https://thumbor.forbes.com/thumbor/fit-in/150x/https://www.forbes.com/advisor/wp-content/uploads/2021/10/Michelle-Megna.jpeg) Michelle Megna Insurance Lead Editor ### Focus on Your Financial Goals Your financial goals will help determine what type of life insurance is the best fit. Look at life insurance as part of a broader financial plan. Work with a financial advisor to get the big picture of your finances and where life insurance can fill in gaps or set the stage for a solid future for your family. [![Jason Metz](https://thumbor.forbes.com/thumbor/fit-in/150x/https://www.forbes.com/advisor/wp-content/uploads/2020/01/Jason-Metz-headshot-scaled-e1621974639148.jpg)](https://www.forbes.com/advisor/author/jmetz/) [Jason Metz](https://www.forbes.com/advisor/author/jmetz/) Insurance Lead Editor ### Work With an Experienced Insurance Agent Don’t go it alone. An experienced life insurance agent can help you pinpoint the right policy type and coverage amount for your goals. They can also help you shop around the market, so you don’t waste time applying to companies that are unlikely to give you the best [life insurance quotes](https://www.forbes.com/advisor/life-insurance/life-insurance-quotes/). [![Penny Gusner](https://thumbor.forbes.com/thumbor/fit-in/150x/https://www.forbes.com/advisor/wp-content/uploads/2021/10/penny.jpg)](https://www.forbes.com/advisor/author/pgusner/) [Penny Gusner](https://www.forbes.com/advisor/author/pgusner/) Insurance Senior Writer ### Understand Life Insurance Riders Not all [life insurance riders](https://www.forbes.com/advisor/life-insurance/riders/) make sense based on their cost, but there may be one or two that are good bets for your situation. Ask your agent to explain the riders available from the company you’re looking at. [![Les Masterson](https://thumbor.forbes.com/thumbor/fit-in/150x/https://www.forbes.com/advisor/wp-content/uploads/2022/01/Les-Masterson.jpg)](https://www.forbes.com/advisor/author/lmasterson/) [Les Masterson](https://www.forbes.com/advisor/author/lmasterson/) Insurance Editor ### Look at the Insurer’s Financial Strength A life insurer’s ability to pay claims far down the road is an essential component of buying the right policy. Look at the financial strength ratings from agencies such as AM Best and focus on companies rated A or higher. [![Michelle Megna](https://thumbor.forbes.com/thumbor/fit-in/150x/https://www.forbes.com/advisor/wp-content/uploads/2021/10/Michelle-Megna.jpeg)](https://www.forbes.com/advisor/author/mmegna/) [Michelle Megna](https://www.forbes.com/advisor/author/mmegna/) Insurance Lead Editor ## Compare Life Insurance Companies Compare Policies With Leading Insurers [Compare Quotes](https://lifeinsurance.advisorjourney.forbes.com/) ## Types of Life Insurance Frequently Asked Questions (FAQs) ### What is the most popular type of life insurance? Whole life insurance comprises 35% of market share, based on life insurance premiums being paid, followed by indexed universal life insurance (26%), according to LIMRA. Term life insurance is next with 20%. Overall, the number of life insurance policies sold increased by 4% in the first quarter of 2023, compared to last year, according to LIMRA. ### Which type of life insurance is also an investment? [Variable universal life insurance](https://www.forbes.com/advisor/life-insurance/variable-life-insurance/) has cash value that’s tied to investment options called sub-accounts. You can choose which sub-accounts to put your cash value in, and gains and losses are based on your investment choices. [Indexed universal life insurance](https://www.forbes.com/advisor/life-insurance/indexed-universal-life-insurance/) has investment-like cash value growth: Gains are tied to a specific index, such as the S\&P 500, although your cash value is not directly invested in the index. ### What type of life insurance can you borrow from? You can borrow from [cash value life insurance](https://www.forbes.com/advisor/life-insurance/cash-value-life-insurance/) policies such as whole life, universal life, variable universal life and indexed universal life insurance. Borrowing isn’t available with term life insurance policies because there is no cash value. ### What are the two major types of life insurance? The two major types of life insurance are term life insurance and permanent life insurance. [Term life insurance](https://www.forbes.com/advisor/life-insurance/best-term-life-insurance-companies/) allows you to lock in rates for a specific period of time, such as 10, 15, 20 or 30 years. Once the level term period ends, you can usually renew the policy every year after, but renewal rates can quickly become unaffordable. Term life insurance has a fixed death benefit, but it does not have cash value. Permanent life insurance is coverage that typically lasts for your entire life and can build cash value. There are several types of permanent life insurance, including [whole life insurance](https://www.forbes.com/advisor/life-insurance/best-whole-life-insurance/) and universal life insurance. ### What is the cheapest type of life insurance? The cheapest type of life insurance is typically term life insurance, which lets you lock in rates for a specific period, such as 20 years. As an example, the average cost of a 20-year, \$500,000 term life insurance policy for a 40-year-old woman is \$304 annually and \$360 for a man. Your own [cost of life insurance](https://www.forbes.com/advisor/life-insurance/how-much-is-life-insurance/) varies by age, gender, health, nicotine and marijuana use, and other factors. *** Forbes Advisor is not a licensed insurance agency. Insurance offerings are provided by CompareCoverage, NPN 20753534 and CA [License](https://comparecoverage.com/licenses) \# 6011227. © 2026 CompareCoverage. All Rights Reserved. Was this article helpful? Share your feedback Send feedback to the editorial team ![User Form](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/user-feedback-form/user-form-icon.svg) ![Success Icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/user-feedback-form/success-icon.svg) Thank You for your feedback\! ![Error Icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/user-feedback-form/error-icon.svg) Something went wrong. Please try again later. Find The Best Life Insurance - [Best Life Insurance](https://www.forbes.com/advisor/life-insurance/best-life-insurance-companies/ "Best Life Insurance") - [Best Cheap Life Insurance](https://www.forbes.com/advisor/life-insurance/cheap-life-insurance/ "Best Cheap Life Insurance") - [Best Term Life Insurance](https://www.forbes.com/advisor/life-insurance/best-term-life-insurance-companies/ "Best Term Life Insurance") - [Best Whole Life Insurance](https://www.forbes.com/advisor/life-insurance/best-whole-life-insurance/ "Best Whole Life Insurance") - [Best No-Exam Life Insurance](https://www.forbes.com/advisor/life-insurance/best-no-exam-life-insurance/ "Best No-Exam Life Insurance") - [Best Long-Term Care Insurance](https://www.forbes.com/advisor/life-insurance/best-long-term-care-insurance/ "Best Long-Term Care Insurance") - [Best Senior Life Insurance](https://www.forbes.com/advisor/life-insurance/best-senior-life-insurance/ "Best Senior Life Insurance") - [Best Universal Life Insurance](https://www.forbes.com/advisor/life-insurance/best-universal-life-insurance/ "Best Universal Life Insurance") - [Best Burial Insurance](https://www.forbes.com/advisor/life-insurance/best-burial-insurance/ "Best Burial Insurance") - [Best Life Insurance For Young Adults](https://www.forbes.com/advisor/life-insurance/best-life-insurance-for-young-adults/ "Best Life Insurance For Young Adults") - [Best Family Life Insurance](https://www.forbes.com/advisor/life-insurance/best-family-life-insurance/ "Best Family Life Insurance") - [Compare Life Insurance Quotes](https://www.forbes.com/advisor/life-insurance/life-insurance-quotes/ "Compare Life Insurance Quotes") Our Guides - [Term Life Insurance](https://www.forbes.com/advisor/life-insurance/what-is-term-life-insurance/ "Term Life Insurance") - [Whole Life Insurance](https://www.forbes.com/advisor/life-insurance/whole-life-insurance/ "Whole Life Insurance") - [Universal Life Insurance](https://www.forbes.com/advisor/life-insurance/universal-life-insurance/ "Universal Life Insurance") - [Indexed Universal Life Insurance (IUL Insurance)](https://www.forbes.com/advisor/life-insurance/indexed-universal-life-insurance/ "Indexed Universal Life Insurance (IUL Insurance) ") - [Cash Value Life Insurance](https://www.forbes.com/advisor/life-insurance/cash-value-life-insurance/ "Cash Value Life Insurance") - [Life insurance for married couples](https://www.forbes.com/advisor/life-insurance/life-insurance-for-married-couples/ "Life insurance for married couples") - [AD\&D Insurance](https://www.forbes.com/advisor/life-insurance/accidental-death-and-dismemberment-insurance/ "AD&D Insurance") - [Term Life Vs. Whole Life](https://www.forbes.com/advisor/life-insurance/term-life-vs-whole-life-insurance/ "Term Life Vs. Whole Life") - [Term Life Vs. Permanent Life](https://www.forbes.com/advisor/life-insurance/term-vs-permanent-life-insurance/ "Term Life Vs. Permanent Life") - [Whole Life Vs. Universal Life](https://www.forbes.com/advisor/life-insurance/whole-life-vs-universal-life-insurance/ "Whole Life Vs. 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Readable Markdown	Cost is a significant factor when you’re shopping for life insurance, but there is much more to selecting the right policy than finding the lowest premium. There are eight types of life insurance, and the variations among them can mean the difference between financial security and a waste of money, depending on your unique circumstances. Understanding each type before you start shopping will help you make the best choice. ## Different Types of Life Insurance There are two main types of [life insurance](https://www.forbes.com/advisor/life-insurance/best-life-insurance-companies/): term life and permanent life. Then, there are several subtypes of permanent life insurance to consider. To get you started, here’s an overview of types of life insurance and the main points to know for each. - [Term life insurance](https://www.forbes.com/advisor/life-insurance/types/#term-life-insurance) - [Whole life insurance](https://www.forbes.com/advisor/life-insurance/types/#whole-life-insurance) - [Universal life insurance](https://www.forbes.com/advisor/life-insurance/types/#universal-life-insurance) - [Burial insurance/funeral insurance](https://www.forbes.com/advisor/life-insurance/types/#burial-insurance) - [Survivorship life insurance/joint life insurance](https://www.forbes.com/advisor/life-insurance/types/#survivorship-life-insurance) - [Mortgage life insurance](https://www.forbes.com/advisor/life-insurance/types/#mortgage-life-insurance) - [Credit life insurance](https://www.forbes.com/advisor/life-insurance/types/#credit-life-insurance) - [Supplemental insurance](https://www.forbes.com/advisor/life-insurance/types/#supplemental-insurance) ## Compare Different Types of Life Insurance Life insurance types are often distinguished by how long the policy can last, whether it builds cash value, and whether the premiums or death benefit can be variable. \| Type of life insurance \| Policy length \| Cash value \| Premiums \| Death benefit \| \|---\|---\|---\|---\|---\| \| Term life \| Level term period varies, but often can be 10, 15, 20 or 30 years \| No \| Multiple options: Level, annual renewable, decreasing \| Fixed \| \| Whole life \| Permanent \| Yes \| Level \| Fixed \| \| Universal life \| Permanent \| Yes \| Might be flexible \| Might be flexible \| \| Variable life/variable universal life \| Permanent \| Yes \| Level \| Might fluctuate \| \| Burial life \| Permanent \| Yes \| Level \| Fixed \| \| Survivorship life \| Permanent, typically \| Yes \| Varies \| Paid out after second person dies \| \| Mortgage life \| Policy in effect for duration of mortgage \| No \| May fluctuate \| Declining death benefit as you pay down mortgage \| \| Credit life \| Permanent, typically \| No \| Level \| Pays off remaining debt to the lender \| \| Supplemental life \| Connected to your employment \| No \| Low or no cost \| Fixed \| ### Term Life Insurance The basics: - Policy length: Common level term periods include 5, 10, 15, 20 or 30 years - Cash value: No - Premiums: Level, annual renewable or decreasing - Death benefit: Fixed How it works: [Term life insurance](https://www.forbes.com/advisor/life-insurance/best-term-life-insurance-companies/) has a specific end date for the level term period, when rates stay the same. After this period you can renew the policy, but at higher rates each year. Choices of coverage lengths are generally 5, 10, 15, 25 or 30 years. It’s the cheapest way to buy life insurance because you’re buying only insurance coverage and not paying for [cash value life insurance](https://www.forbes.com/advisor/life-insurance/cash-value-life-insurance/). Who is it for: Term life insurance is ideal for people who want life insurance coverage for a specific debt or situation. For example, some people buy it to cover their working years as income replacement for their family in case they pass away. Some people buy term life to cover the years of a mortgage or other large debt. Downside: If you still need coverage after the level term period expires, you could find the renewal rates to be unaffordable. And buying a new life insurance policy could be extremely pricey based on your age and any health conditions you’ve developed. Pro Tip Consider life insurance policies that have [living benefits](https://www.forbes.com/advisor/life-insurance/living-benefits-in-life-insurance/). These benefits allow you to take money from your own death benefit if you develop a terminal, critical or chronic illness that qualifies. ### Whole Life Insurance The basics: - Policy length: Permanent - Cash value: Yes - Premiums: Level - Death benefit: Fixed How it works: [Whole life insurance](https://www.forbes.com/advisor/life-insurance/best-whole-life-insurance/) can provide coverage for the duration of your life. An account within the policy builds cash value over time by using part of your premium payment and adding interest. A policy will have built-in guarantees that the premium will not increase, the death benefit remains the same, and the cash value will earn a fixed rate of return. Who is it for: Whole life is suited for people who want lifelong coverage and are willing to pay for the guarantees provided by the policy. Downside: Because of the guaranteed features, whole life insurance is one of the more expensive ways to buy life insurance. Pro Tip If you’re buying whole life insurance, look for a mutual insurance company. Only mutual companies pay dividends to whole life policyholders. ### Universal Life Insurance The basics: - Policy length: Permanent - Cash value: Yes - Premiums: Might be flexible - Death benefit: Might be flexible How it works: Universal life insurance (UL) can be hard to understand because there are a few varieties and with very different features. [Universal life insurance](https://www.forbes.com/advisor/life-insurance/universal-life-insurance/) can be cheaper than whole life insurance because it generally doesn’t offer the same guarantees. With some forms of universal life you can vary premium payments amounts and rejigger the death benefit amount, within certain limits. UL policies often have a cash value component. Who is it for: Universal life insurance can be good for someone looking for lifelong coverage. Some varieties of UL are suited for people who want to tie their cash value gains to market performance (indexed and variable universal life insurance). Downsides: If cash value is your main interest, not all UL policies guarantee you’ll make gains. And if you’re interested in flexible premiums payments, you have to stay on top of your policy’s status to make sure that the policy’s fees and charges don’t deplete your cash value and cause it to lapse. Understand what’s guaranteed within a UL policy and what isn’t. ### Burial and Funeral Insurance The basics: - Policy length: Permanent - Cash value: Yes, typically - Premiums: Level - Death benefit: Fixed How it works: You may see this kind of policy called burial, funeral or final expense insurance. No matter the name, it’s usually a small whole life insurance policy that’s intended to pay only for funeral costs and other final expenses. [Burial insurance](https://www.forbes.com/advisor/life-insurance/burial-insurance/) is often offered as a policy that you can’t be turned down for and that doesn’t require a medical exam. Who is it for: These types of policies are generally for people in poor health who don’t have other life insurance options and who need insurance for funeral expenses. Downsides: Burial insurance policies are expensive, based on the amount of coverage you get for your money. Burial insurance policies also have a safeguard for the life insurance company: Your beneficiaries won’t get the full death benefit if you pass away within two or three years after buying the policy. Check the policy’s timeline for these “[graded death benefits](https://www.forbes.com/advisor/life-insurance/graded-death-benefit/).” Your beneficiaries might receive only a refund of the premiums you paid in, plus some interest. ### Survivorship Life Insurance The basics: - Policy length: Permanent, typically - Cash value: Yes, typically - Premiums: Varies - Death benefit: Paid out after the second person dies How it works: Also called second-to-die life insurance, it covers two people under one policy, such as a husband and wife. The payout to beneficiaries is made only when both have passed away. Since a survivorship life insurance policy combines two individuals on one life policy, you can typically get a much more significant death benefit at a lower cost than by buying two individual life insurance policies. Who is it for: Survivorship policies can be beneficial in estate planning when the life insurance money is not needed by a beneficiary until both of the insured people have passed away. Survivorship life insurance might be used to fund a trust, for example. It’s also suited for high net worth couples who want to provide money to heirs for estate taxes. Or it could be used by a couple to provide a donation to charity. Downside: If two spouses are insured and one would suffer financially if the other passed away, this is not the right policy type. The surviving spouse does not receive any life insurance benefits. The payout is only made when both have passed away. ### Mortgage Life Insurance The basics: - Policy length: Duration of your mortgage - Cash value: No - Premiums: May fluctuate - Death benefit: Declining death benefit as you pay down mortgage How it works: [Mortgage life insurance](https://www.forbes.com/advisor/life-insurance/mortgage-life-insurance/) is designed to cover only the balance of a mortgage and nothing else. This policy type is different from the life insurance types above in two major ways: - The death benefit is paid to the mortgage lender, not a beneficiary that you choose. - The payout is the balance of the mortgage, or partial balance if that’s what you insured. Who is it for: Mortgage life insurance is intended for people who are primarily concerned about their family being burdened by the mortgage if they pass away. It can also be appealing to someone who doesn’t want to take a medical exam to buy life insurance. Downside: This type of policy won’t provide financial flexibility for your family because the payout goes to your mortgage lender. Pro Tip If you’re looking for life insurance to cover a mortgage or other debts, you’re better off with term life insurance. You can choose the term length and amount, and your family can use the payout for any purpose. ### Credit Life Insurance The basics: - Policy length: Permanent, typically - Cash value: No - Premiums: Level - Death benefit: Pays off remaining debt to the lender How it works: Like mortgage life insurance, this insurance covers a specific debt. When you take out a loan you might be offered credit life insurance. The payments can usually be rolled into your loan payments. The life insurance payout is the balance of the debt and it’s paid to the lender, not your family. Who is it for: If you’re concerned about how your family would pay a certain debt if you passed away, credit life insurance might look appealing and convenient. It can also be attractive because there’s no medical exam required to qualify. Downside: Credit life insurance is very narrow and doesn’t allow financial flexibility in the future. You’re probably better off with term life insurance, which you can use to cover many concerns, from debt to income replacement to funeral expenses. A broader policy like term life will give your family more financial options if you pass away. ### Supplemental Life Insurance The basics: - Policy length: Connected to your employment - Cash value: No - Premiums: Low or no cost - Death benefit: Fixed How it works: Supplemental life insurance is an extra policy designed to fill gaps in your primary life insurance coverage. It’s often offered by employers to enhance their basic group life insurance. Supplemental coverage is typically employee-paid, meaning you cover the premium costs. It usually stops when you leave your employer. Who is it for: Because usually it’s free or inexpensive, group life insurance is a good value. It’s good as supplementary coverage to your own individual life insurance policy. Downside: If you lose the job you generally lose the life insurance, too. That’s why it’s best to have your own life insurance that’s not tied to the workplace. Plus, on your own you can buy higher amounts of insurance. ## Expert-approved Life Insurance Companies ## Types of Life Insurance By Underwriting Method Insurance companies use life insurance underwriting to assess a person’s health and risk—and decide what to charge for premiums. ### Fully Underwritten - Medical exam required. - Usually a lengthy application process with multiple questions related to health, family history. lifestyle and hobbies. - These are often the cheapest policies—even if you have some health issues—because the life insurance company collects a lot of information about you. ### Accelerated Underwriting - No life insurance medical exam required. - Application will ask some health questions. - The insurance company will use third-party data about you to make a decision, such as information about your prescription drug history. - In some cases a policy that had accelerated underwriting can be competitively priced with a fully underwritten policy, but not always. - If red flags come up in the data analyzed by the insurer, you might be asked to go through a full underwriting process with a medical exam. ### Simplified Issue - Doesn’t require a medical exam. - Applicants answer a handful of health-related questions and a “yes” answer could result in denial. - The insurance company may use third-party data about you to make a decision. ### Guaranteed Issue - You can’t be turned down. - Doesn’t require a medical exam. - No health questions asked. - Often the most expensive way to buy life insurance. ## What's the Best Type of Life Insurance? The type of life insurance that’s best for you depends on your budget and why you need coverage. Someone who wants to make sure their loved ones have money to pay for a funeral requires much different life coverage than a person who wants coverage that could pay off a \$300,000 mortgage. Here’s a look at the [best life insurance](https://www.forbes.com/advisor/life-insurance/best-life-insurance-companies/) based on needs and goals. \| Reason for coverage \| Term life insurance \| Whole life insurance \| Universal life insurance, including variable and indexed universal life \| Burial and final expense insurance \| \|---\|---\|---\|---\|---\| \| Will last the duration of your lifetime \| \| X \| X \| X \| \| Cheapest policy for the most coverage \| X \| \| \| \| \| Easiest policy to understand \| X \| \| \| X \| \| Has cash value \| \| X \| X \| X \| \| For someone who wants control over cash value investments \| \| \| Variable universal life \| \| \| Premium payment amounts can be flexible \| \| \| X \| \| Expert Tips ![Jason Metz](https://thumbor.forbes.com/thumbor/fit-in/150x/https://www.forbes.com/advisor/wp-content/uploads/2020/01/Jason-Metz-headshot-scaled-e1621974639148.jpg) Jason Metz Insurance Lead Editor ![Penny Gusner](https://thumbor.forbes.com/thumbor/fit-in/150x/https://www.forbes.com/advisor/wp-content/uploads/2021/10/penny.jpg) Penny Gusner Insurance Senior Writer ![Les Masterson](https://thumbor.forbes.com/thumbor/fit-in/150x/https://www.forbes.com/advisor/wp-content/uploads/2022/01/Les-Masterson.jpg) Les Masterson Insurance Editor ![Michelle Megna](https://thumbor.forbes.com/thumbor/fit-in/150x/https://www.forbes.com/advisor/wp-content/uploads/2021/10/Michelle-Megna.jpeg) Michelle Megna Insurance Lead Editor ## Compare Life Insurance Companies Compare Policies With Leading Insurers ## Types of Life Insurance Frequently Asked Questions (FAQs) Whole life insurance comprises 35% of market share, based on life insurance premiums being paid, followed by indexed universal life insurance (26%), according to LIMRA. Term life insurance is next with 20%. Overall, the number of life insurance policies sold increased by 4% in the first quarter of 2023, compared to last year, according to LIMRA. [Variable universal life insurance](https://www.forbes.com/advisor/life-insurance/variable-life-insurance/) has cash value that’s tied to investment options called sub-accounts. You can choose which sub-accounts to put your cash value in, and gains and losses are based on your investment choices. [Indexed universal life insurance](https://www.forbes.com/advisor/life-insurance/indexed-universal-life-insurance/) has investment-like cash value growth: Gains are tied to a specific index, such as the S\&P 500, although your cash value is not directly invested in the index. You can borrow from [cash value life insurance](https://www.forbes.com/advisor/life-insurance/cash-value-life-insurance/) policies such as whole life, universal life, variable universal life and indexed universal life insurance. Borrowing isn’t available with term life insurance policies because there is no cash value. The two major types of life insurance are term life insurance and permanent life insurance. [Term life insurance](https://www.forbes.com/advisor/life-insurance/best-term-life-insurance-companies/) allows you to lock in rates for a specific period of time, such as 10, 15, 20 or 30 years. Once the level term period ends, you can usually renew the policy every year after, but renewal rates can quickly become unaffordable. Term life insurance has a fixed death benefit, but it does not have cash value. Permanent life insurance is coverage that typically lasts for your entire life and can build cash value. There are several types of permanent life insurance, including [whole life insurance](https://www.forbes.com/advisor/life-insurance/best-whole-life-insurance/) and universal life insurance. The cheapest type of life insurance is typically term life insurance, which lets you lock in rates for a specific period, such as 20 years. As an example, the average cost of a 20-year, \$500,000 term life insurance policy for a 40-year-old woman is \$304 annually and \$360 for a man. Your own [cost of life insurance](https://www.forbes.com/advisor/life-insurance/how-much-is-life-insurance/) varies by age, gender, health, nicotine and marijuana use, and other factors. *** Forbes Advisor is not a licensed insurance agency. Insurance offerings are provided by CompareCoverage, NPN 20753534 and CA [License](https://comparecoverage.com/licenses) \# 6011227. © 2026 CompareCoverage. All Rights Reserved.
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