All Types of Life Insurance Compared

Compare different types of life insurance policies to find the one that is best for your needs.

Types of Insurance What it’s for What it’s not for Pros Cons Average Cost
Term Insurance Used to cover financial risk for relatively short or fixed periods of time. Often used to protect young families or mortgages. Building equity. Straight forward. Affordable for all budgets with a large death benefit. Lot’s of choice and variation. Customizable to your exact needs. “Expires” after term date. Does not build equity. Tougher to qualify for if you have health issues. Takes 4-6 weeks to issue. $$$
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Permanent Insurance (for all types) Covering your life insurance needs while building equity through cash value. Never expires. Covering a huge financial need on a slim budget. Builds cash through interest from your premiums. A storage place for cash that is tax sheltered. Lasts your entire life. You can cash out the death benefit at the end of term. Less death benefit available than term. Tougher to qualify for if you have health issues. Takes 4-6 weeks to issue. $$$
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Guaranteed or Instant Issue Insurance that will not decline you coverage under any health circumstance. Getting large amounts of death benefit. Is available for all people no matter what their issues are. Gives you enough death benefit to cover burial costs. Allows to get life insurance instantly! Relatively expense compared to other types of death benefit. Only forwards you your premiums paid if you pass away within the first 2 years of the policy. $$$
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Diabetic Insurance Specially designed to be affordable for diabetics. Designed to be more affordable for diabetics that manage the condition through diet and exercise. Allows for multiple options for different levels of diabetes. Specifically designed and analyzed by diabetes experts, which allows for fairer costs. Medical and non-med options Limited death benefits available compared to regular term insurance. ‘ Favors non-insulin dependent diabetics significantly. $$$
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Non Medical Term Insurance Perfect for people who want quick insurance with no medical exam. Can be a little bit more expensive than regular term. Allows for very quick coverage - takes less than a week if you’re in good health. No medical exam! Very simple to apply for. Death benefit amount is limited. Easier to get declined from coverage. Generally more expensive. $$$
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Many people ask "What type of life insurance should I get?" This table helps you compare different types of life insurance and the pros and cons to each.