When people think of life insurance they typically think of term insurance: Paying a fixed premium on a monthly basis for a guarantee* from an insurance company to pay a fixed amount of money to one’s beneficiaries. While everyone should have life insurance, it’s important to know that the industry has evolved by creating cutting-edge and versatile products. Some of these products not only provide a death benefit, but also accumulate cash value. Examples include whole life insurance, universal life insurance, and variable life insurance. Each type has its own unique characteristics and traits. The goal for each product is to provide your loved ones with a sense of financial security while accumulating as much cash value as possible for you to tap into on an income-tax-free basis.