Term life or term insurance is simple: You determine the right amount of coverage you need (with the help of your advisor), then you figure out for how long you need coverage for and choose from the available periods. Once that time is up, so is your coverage. Looking for coverage that's more permanent?  Whole life insurance. lasts your entire life and has other benefits that you can use along the way.

Term insurance policies are for 10 and 20 years or until you turn 80 years of age, but once those terms end, so does your coverage.

It depends on the type of coverage you get. There are two types: annual renewable and level premium.

Annual renewable term life insurance gives you coverage at a lower initial cost, but the premiums will increase every year as you get older.

• Term 80 is our longest coverage term that lasts until age 80.

• Term 10 is our most affordable coverage that lasts for up to 10 years.

With level premium term life insurance, your premiums will stay the same throughout the term.

• Level Term 20 covers you for 20 years and your premiums will not go up throughout the entire period.

• Level Term 10 also gives you coverage for 20 years, but the premiums will increase for the second 10-year period.

Talk to an advisor about which type of term life is right for you

The best one for you depends on your goals. The biggest difference is that term life insurance covers you for a set amount of time and is likely to be less expensive than whole life insurance.

On the other hand, whole life insurance covers you for life and it has a lot more you can use throughout your life. It gives you the chance to increase coverage as your needs change. Whole life builds cash value over time (tax-deferred) that you can use for anything. Plus, it can earn dividends (while not guaranteed) that can be taken as cash, used to pay premiums, or buy more coverage.

It's a great perk, but life insurance offered through your employer usually won't give you the amount of coverage you may need. Typically, you want around 10 times your annual salary, but most employers offer only one to two times your annual salary. Also, if you leave your job or go out on your own, you can't take your coverage with you. And when it comes to affordability, the younger you get covered the less expensive it will be. 

Surprisingly so, but the cost depends on things like your age, health, as well as the amount and length of coverage you need. A $500k policy that would cover you up to age 80 for a 35-year-old female will initially cost about 72¢ per day, and for a 35-year-old male it's only 87¢ per day initially. The best way to get an accurate quote is to talk to an advisor.

Term life insurance does not have a cash value like whole life or universal life, because it only covers you for a limited time period. Connect with an advisor to explore your options.

When you're younger, term life insurance can be a simple way to protect your loved ones. But as life changes your financial priorities can too, so you may want to have whole life insurance for its lifetime coverage and additional benefits that you can use while you're living. That's where a term conversion comes in.

You can convert some or all of your term coverage into a whole life policy. Approval is guaranteed regardless of your health. The premiums won't increase once they're set, but they will go up with age, so it's a good idea to lock them in early.