Which type of life insurance is best for you: Term Life, Whole Life, or Universal Life?

This answer is based on a number of factors. These factors include age, marital status, net worth, income, savings habits and outstanding debt. It is also important to consider the available budget for life insurance premiums, how long you anticipate needing the insurance protection and the specific purpose for the desired coverage.

The following is a brief summary of the most common life insurance products. You may obtain additional information regarding specific products by clicking here for FAQS or Contact Us.

Term Life Insurance

 is, in our opinion, the best type of life insurance to purchase for most situations. Whether the insurance is needed to protect a family or a business, term life insurance affords you the opportunity to buy the amount of insurance you actually need at a very reasonable cost. You can purchase term policies with a guaranteed level premium ranging from 1 year to 30 years depending on the product approval in your state. Click here to see examples of current rates or to receive your free Term Life Quote.

Whole Life Insurance

 is a form of permanent life insurance which offers lifetime benefits at a fixed premium as long as this fixed premium is paid. The cost of a whole life insurance policy is drastically higher than the cost of term life insurance. While the whole life policy does offer a cash value savings account with tax-deferred growth, we believe a better option is to buy term life insurance and invest the difference in stocks, bonds, mutual funds, CD's, etc. which you select and control.

Universal Life Insurance

 is a form of permanent life insurance that has a tax-deferred savings account like the whole life policy but allows the insured more flexibility and control to design their own insurance plan. You have the option to change the amount of premium you pay and skip premiums as long as there is sufficient cash value to pay the monthly mortality charges and cost of insurance. Even with this added flexibility, our position regarding universal life is the same as whole life: buy term life insurance and invest the difference as you see fit.

Ultimately, the best way to determine which type of life insurance is best for your specific situation is to speak with one of our qualified insurance consultants. Click here to contact us.

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Insurance products offered through TMFS Insurance Agency, LLC, an affiliate of The Mutual Fund Store, in states where licensed. TMFS Insurance Agency, LLC is under common ownership with The Mutual Fund Store. The Mutual Fund Store is a nationwide system of registered investment advisers, which include affiliated companies and independently owned and operated franchises. Individual Stores are SEC or state registered investment advisers. Each Store can offer investment advisory services to prospective and existing clients in the state where the Store is located, while a number of Stores may also offer advisory services in nearby or other states. The Mutual Fund Store and TMFS Insurance Agency, LLC are separate but affiliated companies. They are not responsible for each other’s services or policies. Each entity is its own separate entity that provides services for its client independent from the other. Prospects or clients may directly retain the services of The Mutual Fund Store or TMS Insurance Agency, LLC.