But if your investments don't perform well, there's a risk that your cash value and death benefit might decrease. Variable life combines death protection with a savings account that you can invest.But if you stop or reduce the premiums and use up the accumulated cash value, the policy could lapse and your coverage could end. After the policy builds up cash value, you may have the option to change your premium payments. Universal life policies are more flexible, possibly allowing you to increase the amount of insurance later if you pass a medical exam.Make sure you can afford the premiums if you can't, or you don't intend to keep the policy for the long term, it may not be right for you. A whole life policy has level premiums, which means no cost increases as you get older.It pays a death benefit whether you die next week or if you live to 110. Permanent insuranceВ - whole life, universal life, variable life and variable-universal life - generally is more expensive because it covers a longer time. Other policies combine different types of coverage. Comparison chart:В 16 life insurance plans.Life insurance can pay for nursing home, in-home care.Holidays & new DoD rules mean it's time to check on renters insurance.Under-insuring your home-based business puts it - and you - at risk.Single, no dependents: Do you need life insurance?.SGLI is a form of term coverageВ since it applies only while you're on active duty. Term coverage is just what its name implies - it lasts for a specific number of years. Permanent coverage lasts a lifetime, with some policies actually building up cash value.

And if you choose to buy more, make sure the policy doesn't have a war clause or any exclusions that would be tied to your job or other factors - for example, if you're an aviator. At the most basic level, your choice is between term and permanent insurance. So if you decide you need more than the $400,000 SGLI coverage while you're in the military, or want to explore alternatives to VGLI before you leave the military,В you'll have to bone up on types of insurance.

Pterm or cash value