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Coverage

Find the plan that fits.

Term, whole, and indexed universal life each solve a different problem. Here's how they work, side by side.

Temporary protection

Term Life

Coverage for a fixed period, typically 10, 20, or 30 years. If you pass away during the term, your beneficiaries receive the death benefit.

Best for: Young families, homeowners, and anyone who needs the most coverage for the lowest cost during their working years.
Key features: Lowest premiums per dollar of coverage
Level premiums for the length of the term
Many policies can convert to permanent coverage
Good to know: No cash value
Coverage ends when the term ends unless renewed or converted

Permanent protection

Whole Life

Coverage that lasts your entire life, with premiums that never increase and cash value that grows at a guaranteed rate.

Best for: People who want lifelong coverage, predictable costs, and a conservative, guaranteed savings component.
Key features: Coverage for life as long as premiums are paid
Guaranteed cash value growth
Cash value you can borrow against
Good to know: Higher premiums than term for the same death benefit
Loans reduce the death benefit if not repaid

Permanent protection with growth

Indexed Universal Life (IUL)

Permanent coverage with cash value linked to the performance of a market index, such as the S&P 500, with a floor that protects against market losses.

Best for: People who want lifelong coverage plus long-term cash value growth, and who can fund the policy consistently over many years.
Key features: Growth potential linked to a market index
A floor (often 0%) protects credited interest from market losses
Flexible premiums and access to cash value through policy loans
Good to know: Gains are limited by caps and participation rates
Policy charges reduce cash value, especially in early years
Works best when properly funded over the long term

At a glance

Side by side.

	Term Life	Whole Life	Indexed Universal Life
Length of coverage	10 to 30 years	Lifetime	Lifetime, if funded
Cash value	None	Guaranteed growth	Index-linked growth with a floor
Premiums	Lowest, level	Higher, fixed	Flexible
Best for	Maximum protection at minimum cost	Lifelong certainty	Lifelong coverage with growth potential

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