Choose term if
- You want to get a lot of coverage and pay lower monthly premiums.
- Your goal is to cover expenses that eventually will disappear or be paid off, such as child care, a mortgage or college tuition.
Choose permanent if
- You want to build up a savings account
- You would like to leave your money to a grandchild or a favorite cause
- You need some flexibility. Permanent life insurance allows you to increase or decrease your coverage if your needs change -- if, for example, you have a baby you run into financial difficulties. You can suspend payments while retain-ing your coverage.
Do I need disability insurance? Life insurance covers your loved ones if you die, but if you can't work because you're sick or injured, you'll need extra coverage.