Which Type of Life Insurance is Best for Me?

Which Type of Life Insurance is Best for Me?Before purchasing life insurance, it is important to educate yourself on the different types of life insurance and which would be best suited for you and your lifestyle. Each insurance policy has its own specific pros and cons, and it would be beneficial for you to take your time learning about each and which one would be the best fit.

Term Life Insurance

Term life insurance is typically suitable for the majority of people. Within a term life insurance policy you are able to decide on the time frame (“term”) of the policy. This insurance type is frequently considered the most affordable variety of life insurance. With term life insurance, your premium is based on your health and the coverage you choose. Therefore, the healthier or younger you are relates to the cost of your coverage.

The major advantage of a term policy is how flexible it is. The main disadvantage would be that it does not accumulate value over time.

There are three different variations of term insurance:

  1. Level term allows your premium and death benefit to remain the same through entire time span of specified term.
  2. Annual renewable term means that your death benefit will stay the same, though the contract will renew annually. It may be less up money upfront but be more in the long run.
  3. With a decreasing term the death benefit will lessen each year, as the premiums stays at the same rate. Your plan will end when the benefit eventually comes to an end.

Whole Life Insurance

Whole life insurance, also known as permanent insurance, provides a death benefit when the individual dies. The benefit and the premium are created to stay the same throughout one’s policy. There are three different types of whole life insurance policies which include traditional, universal, and variable.

  • Traditional is obviously the most ordinary and common type. It provides a death benefit with a savings account based on dividends the company pays. With this policy you are consistently paying a certain amount in premiums.
  • The variable policy combines the death protection with the savings account which you could invest in how you wish. The value can increase, but so could the risks.
  • A universal policy allows for adjustions. An individual may even increase the death benefit by passing a medical exam. You may even be able to make adjustments to your premium payments after you have some money accumulated in your account.


About Byrnes Agency

At Byrnes Agency, we offer auto insurance solutions that can be tailored to meet your specific needs. Whether you have an old classic car or a brand-new model, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.

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Dayville Office

Phone: (860) 774-8549

394 Lake Rd

Dayville, CT 06241

United States


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Norwich, CT 06360

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