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Choosing the correct life insurance policy is a very important decision.  Most people are not aware that there are choices.  People tend to believe that all life insurance is the same.  This could not be further from the truth. There are several important things that you should know about purchasing life insurance.  The first and most important thing to be aware of is that there are two basic types of life insurance policies available today.  They are term life and whole life policies.   The first, term life is better suited to young people.  This type of policy only provides a death benefit.  This means that if you die, your designated loved ones will have money for your final expenses and to possibly pay off a mortgage or provide a nest egg for the future.  The reason this is more suitable for the young, is that this type of policy is relatively inexpensive while you are young and good health.  The premiums are very affordable and will gradually increase about every 5 years, but this will give you coverage in the event that something happens to you prior to becoming more settled in your life. The latter, term life insurance policies provides a cash value that builds and can be borrowed against or taken out in your time of need.  This type of policy also provides a death benefit as well.  This type of policy is more suitable for the elderly, as most term life policies will only cover you until about the age of 80 and then will leave you uninsured after that.  Also, the additional cash value can help you pay off a mortgage or help supplement your income when you are on Social Security.  Most of the insurance offers that come in the mail, are offers for term life insurance policies.  A better way to shop for insurance and find a policy that will truly meet your needs is to contact a reputable insurance agent.  Your insurance agent can help you understand things like which policy type is right for you.  They can also help you figure out what size policy you will need to be able to leave your loved ones secure and cared for in your absence.  An insurance agent can give you the policy quotes and whole life insurance rates and let you know exactly how much each of the different types will cost you premium wise.  If you are not sure if you are covered well enough, or if you are not covered at all, be sure to take this step and secure your family’s financial future for years to come.