Comparing life policies requires more than a monthly price. Ask how each contract meets your family’s needs and what happens if your plans change.
What need are you covering?
A mortgage, dependent children, and ongoing care may have different time horizons. Identify the support needed and compare it with existing resources. Avoid selecting a product solely because a generic rule labels it best.
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Which values are guaranteed?
Ask which premiums and benefits are guaranteed and which figures are projections. Term generally covers a stated period without cash value. Whole life is designed for lifelong protection and cash value when contract requirements are met.
What happens if you stop paying?
Review lapse, surrender, renewal, and conversion terms. Early surrender of a cash-value policy can produce less than the premiums paid. Renewal or conversion of term coverage may cost more and may be subject to deadlines.
How do loans affect the policy?
A policy loan is an obligation with interest and possible effects on cash value and death benefits. Ask what happens if it remains unpaid or the policy ends. Obtain qualified advice on tax consequences.
Can you sustain the commitment?
Compare actual quotes for equivalent benefits and durations. Consider a difficult-income year as well as today’s budget. Keep existing coverage until any intended replacement is in force.
Further reading: Consumer guidance. Explore our Money 101 guides.