Life Insurance 101

The number one question we get asked is: "What's the difference between term life and whole life insurance?" Whole life and term life policies are completely different and are used for numerous purposes. The real questions that you need to ask yourself are:

• What is your need? 

• Do you have young children? 

• Do you have a net worth above the estate tax amount? 

• Do you just need enough coverage for final expenses? 

• Do you want extra cash at retirement that is tax-free when borrowing against it? 

• Do you want to make sure a mortgage is paid off in the event of your death?

Your "need" will determine what type of life insurance policy you are looking for.