There are three basic types of permanent insurance: whole life, variable life and universal life. Whole  life insurance provides lifetime protection, for which you pay a predetermined premium. Whole life insurance is the most expensive life-insurance product available. “Universal life insurance separates the investment and the death benefit portions.

Life insurance provides lifetime insurance protection, but the premiums must be paid on time. The Most permanent policies offer a savings or investment component combined with the insurance coverage.

Final Tips

• Make sure you obtain an illustration for the policy that you have chosen. If the insurer will not provide you with one, look for another insurance company.

• Always shop for a level-premium policy. Nobody likes a surprise increase in their premium payments! So, before you buy term or permanent insurance make sure your illustration shows that your premium payment is guaranteed not to increase over the duration of your coverage.

• Don’t be sold on permanent insurance for the investment or cash-value feature.

• If your premiums are much too high due to medical reasons or you are denied coverage, check if a group plan is available through your company. These group plans require no medical exam or physical.

When seeking insurance, don’t rush into buying expensive permanent life insurance before considering if term life insurance sufficiently meets your needs. Don’t leave your family unprotected in the sudden event of your death – after all, they are your most important assets.