In most cases, your life insurance needs will change over your lifetime. In other words, the amount, type, and duration of your life insurance needs will depend upon your family situation, financial needs, and health.

Life insurance is usually purchased for the following reasons:

• To support family members in the event a wage earner dies prematurely
• To offset the loss of a spouse in a two-income household
• To repay mortgages, personal or business loans
• To pay final medical expenses, burial costs, legal and probate costs
• To replace income that would have been saved for a child's college    education
• To pay federal estate taxes or state inheritance tax liabilities which may be    due upon death

In general, the amount of life insurance that you need depends upon your personal and family situation. When purchasing life insurance, you should also consider your future life insurance needs if you plan to marry, start a family, or start a business since costs increase with age, you may become uninsurable in the future.

There are two types of life insurance: term insurance and permanent insurance.

Term insurance plans provide pure death benefit protection for a specified period of time (e.g. 10 years, 20 years, etc). When purchasing term insurance, it is important to consider whether your policy allows you to convert your term policy into a permanent policy. Conversion options into permanent insurance can become important if your health or needs change.

Permanent life insurance offers both death benefit protection and the ability to build cash values on a tax-deferred basis.

• Universal Life is a form of permanent insurance that provides flexible premium, death benefit and cash value options. This variability is important since accumulation and death benefit needs change over time. By adding optional riders you can customize the policy to meet your needs.

• Variable Universal Life offers all the flexibility of universal life protection, and also offers a variety of investment options whose values vary based on market performance. Consequently, these policies are suitable for those willing to assume investment risk.

• Survivorship Life insurance covers two individuals on one policy, paying a death benefit upon the second death (when estate taxes are due). The policy can be designed so that the heirs pay no income, gift or estate taxes on the proceeds of the Estate. Beneficiary proceeds could pay most or all of the estate taxes and settlement costs, without resorting to other more costly payment options.