Term life insurance provides financial protection for a specific time period, usually 10-30 years. The longer the time frame, the higher your premium costs will be.
Traditionally, the premium payment for term insurance remains the same throughout the coverage. Other term life policies may have premium pricing changes at predetermined intervals, with rates rising with age.
Universal life insurance policies may be more flexible. The owner of this policy may choose to pay a smaller or larger premium.
Like whole life, the policy is generally designed for lifetime coverage. Universal life insurance provides both a death benefit and building cash value with greater growth potential based on a rate of return paid by the insurance company.
Millennials say they need information and education, explaining that they are uncertain about the different types, amounts and qualifying for coverage.
Millennials tend to research life insurance products online more than other generations but would consider buying from an insurance professional.