Whole Life Insurance:

Contains guarantees that other policy types do not, including cash value and death benefits. It is most expensive and best coverage for many purposes, including cash accumulation and lifetime protection.

Universal Life Insurance:

Has some guarantees and some items vary, usually with interest rate fluctuation. It is lower cost than Whole Life due to fewer guarantees. “Fixed” or interest rate sensitive UL is a way to obtain permanent protection, but not necessarily accumulate guaranteed cash like Whole Life. “Variable” UL is a stock market based product that was once very popular, but includes risk that Life Insurance buyers prefer to avoid.

Term Life Insurance:

Term Insurance offers death benefit guarantees for the lowest cost. Annual Renewal Term (ART) increases in premium each year. Fixed Term can lock in the ART amount for from 5 to 30 years, usually 10 or 20, and the longer you lock in, the higher the Premiums.


Have a discussion with Kevin about why you need Life Insurance coverage, how much coverage, and what type of coverage will provide your solution. Complete an application, have any required examination, and obtain an underwritten offer that have firm premiums. Accept or refuse, and if accepted, pay premiums and live.