Buying life insurance can be confusing and overwhelming. In fact, when the Life Insurance Marketing and Research Association (LIMRA) gave a basic, 10 question life insurance IQ test to 4,000 Americans, 70 percent failed.
You shouldn’t let a lack of knowledge stop you from protecting your loved ones. Likewise, you shouldn’t go out and buy the first life insurance policy you see. Our infographic below gives you a better understanding of how life insurance works by comparing the two types of policies you’ll come across: term life and whole life.