Educating some people about the importance of life insurance is a constant uphill battle. They usually say, "I'm not leaving money for anyone." Really! Let's look at what life insurance can do for you while you are still alive. Choosing the right kind of life insurance for you and your family is a very important part of your financial portfolio. There are several companies that offer similar and varying products to suit your future financial needs. Whether it's an annuity or index universal product, they both offer living benefits for you in your senior years. Index universal is a great product when you choose option B with increasing cash value. When well-funded this IUL (as it is refered) can generate a sizeable retirement income especially if acquired at an early age. Term Insurance is the simplest form of life insurance. It pays only if death occurs within that term, which is usually up to 30 years. These policies have no benefit provisions. There are two basic types of term life insurance policies - level and decreasing term. Level term means that the death benefit remains level throughout the life of the policy. Decreasing term means that the death benefit decreases, usually in one-year increments, through the life of the policy. Whole life is the most common type of permanent insurance policy. It offers a death benefit along with a savings account. If you choose a whole life insurance policy, you are agreeing to pay a certain amount in premiums on a regular basis for a specific death benefit. The savings element would grow based on dividends the company pays to you. There are different types of riders and supplements that can be added to fill other needs for a small cost while increasing the value of your policy.