Life insurance is a decision, not a policy type.

Term life insurance covers a fixed period and generally costs less. Permanent life insurance, including whole life and indexed universal life, is designed to last your entire life and typically includes a cash value component. Each serves a different purpose depending on your goals and budget.

There is no single formula that fits every household. A useful starting point is to consider remaining income replacement, outstanding debts, future expenses such as education, and any coverage or savings already in place. A licensed professional can walk through these factors with you individually.

Indexed universal life (IUL) is a type of permanent life insurance where cash value growth is tied in part to the performance of a market index, subject to caps, participation rates, and floors defined by the policy. It offers more flexibility than whole life along with more variability in growth.

Beneficiary designations should be reviewed after major life events including marriage, divorce, the birth of a child, or the death of a named beneficiary. An outdated beneficiary designation can create complications regardless of what your will states.

Employer-provided life insurance is often valuable but is typically limited in amount and tied to your employment. If you leave the job, coverage frequently ends or becomes more expensive. Many people carry an individual policy alongside employer coverage for that reason.

That depends on what you are trying to accomplish. Whole life offers guarantees that term insurance does not, in exchange for a significantly higher cost. Whether that trade-off makes sense depends on your goals, budget, and how long you need coverage to last.