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The Life Insurance Buyer's Cheat Sheet

Everything you need to know before you buy, in plain English.

Section 1: The Four Types, Simply Explained

Term Life

Covers you for a set number of years (10, 20, or 30). Most affordable. No cash value. Coverage ends when the term expires.

Best for: income replacement and mortgage protection during your working years so your family can maintain their lifestyle and keep the home.

Whole Life

Permanent coverage that never expires. Premium is locked in and never increases. Cash value builds at a guaranteed rate each year.

Best for: lifelong protection, conservative guaranteed growth, and building accessible cash value reserves over time.

Final Expense

Small permanent policy for seniors. Covers funeral and end-of-life costs. No medical exam required. Easy to qualify for with most health conditions.

Best for: people 50+ who want simple, affordable coverage

IUL (Indexed Universal Life)

Permanent coverage with cash value growth linked to a market index. Downside protection (floor at 0%). More complex, more flexible. Requires consistent funding to perform well.

Best for: growth potential alongside long-term protection

Section 2: Five Questions to Ask Before You Buy

Is this carrier A-rated and financially stable?
Does this policy require a medical exam or just health questions?
What is the exact monthly premium, and does it ever change?
Are there any waiting periods before the full death benefit applies?
What does the policy actually cover, and what are the exclusions?

Section 3: What to Have Ready When You Apply

Date of birth
Height and weight
List of current medications
Any major diagnoses in the last 2–5 years
Name and contact info for your primary care doctor
Beneficiary name and relationship

Section 4: Red Flags to Watch Out For

Agents who rush you through the process without fully explaining what you are buying or why it fits your situation.
Vague or evasive answers about what the policy covers or what the exclusions are
Illustrations showing unrealistically high projected returns
Policies that seem far too cheap for the coverage amount being offered
Agents who only present one carrier without comparing options

Section 5: A Simple Decision Framework

Your Situation	Coverage to Consider
You need coverage for a specific number of years	Term Life
You want permanent coverage that builds value over time	Whole Life or IUL
You are 50 or older and want simple affordable coverage for final expenses and outstanding debts without the complexity.	Final Expense
You want maximum growth potential with downside protection	IUL
Not sure which type fits your situation	Talk to a licensed agent who compares multiple carriers