Understand the different types of life insurance before making a selection
Follow these life insurance tips and understand the different types before buying a policy. You do not want your family attempting to decipher a policy after your death. Further, having to worry about the costs for funeral and burial arrangements will compound their grief.
There are two basic types of life insurance: term life and whole life. Term life is the least expensive type of policy and pays a specified lump sum at the time of your death. The benefit and policy limit are the same.
Whole life insurance provides both a death benefit and a cash value that can be used even if you are still alive.