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Life Insurance

 

What type of policy should I get?

While insurance companies offer a range of different life insurance policies, the primary types of coverage are term and whole life.

Learn the differences between term and whole life policies to determine which type of policy is right for you.

Term Insurance:

  • Provides coverage for a set time period.
  • Premium payments are fixed for the term but increase with each new term as your age increases.
  • No cash value.
  • Offers the most coverage for the least cost during the term.

VA's SGLI, FSGLI, and VGLI programs provide group term insurance.

 

Whole Life Insurance:

  • Provides lifelong coverage as long as premiums are paid.
  • Premiums are fixed and do not increase over time; generally costs more than term.
  • Builds cash value over the life of the policy, which can be accessed through loans.

VA's VALife program offers guaranteed acceptance whole life insurance.

 

Disclaimer: The purpose of this site is to provide education on life insurance and financial resources, not to recommend specific products.

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