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What Type of Life Insurance is Right for Me?

How do you know what type of life insurance policy is right for you? While the choice may not always be straightforward, some policies can lend themselves to certain life stages or specific goals better than others. The information below offers a simple breakdown of three general types of policies that NMB offers to help you consider what may be the most appropriate for your situation. Contact your insurance agent to learn more!

Term Life Insurance

Term life insurance provides affordable coverage for a specified period of time. If protecting your family on a budget seems like an overwhelming task, term insurance may be an answer.

Whole Life Insurance

Whole life insurance is a type of permanent life insurance. Policies are designed to cover the insured for his or her entire lifetime.

Universal Life Insurance

Universal life insurance is a type of life insurance policy that offers adjustable premiums and an adjustable death benefit. It also has potential to build cash value. These features make it ideal for those who want a life insurance program that can change along with their needs. Because of its flexibility, universal life insurance can be a great tool for achieving a wide variety of financial goals.

Insurance Type Breakdown

Term Life Insurance

Universal Life Insurance

Whole Life Insurance

Intended Coverage Period

Specified period such as 15 or 20 years

Lifetime

Lifetime

Payment Structure

Fixed, level for selected term period

Flexible

Fixed, level

Death Benefit

Fixed, guaranteed for select term

Adjustable

Fixed, guaranteed for life

Riders Available

Yes

Yes

Yes

Cost (during intended coverage period)

Lowest

Typically moderate

Typically highest

Typically Pays Dividends

No

No

Yes

Cash Value

No

Yes

Yes

Ideal For:

Meeting a temporary need

Flexibility

Predictable, lifetime coverage