Universal life insurance is popular for many reasons.

• Affordability. Universal life insurance costs less than whole-life insurance policies.

• No-lapse protection. Some types of life insurance may lapse if you don't pay the premium on time. With universal life insurance, your policy includes some protection against lapsing by using the accumulated cash value to keep the policy in-force.

• Tax-advantaged savings. The cash value component of your universal life insurance policy provides a guaranteed minimum interest rate and offers tax-deferred accumulation.

• Premium payment flexibility. As your needs change, your universal life insurance policy premium payments and death benefits can be adjusted.

• Loan and withdrawal features. You may be able to take out loans or withdrawals from the accumulated policy cash value when you need them, which may be an attractive alternative to borrowing from a financial institution.

When you apply for any type of life insurance policy, you'll need to answer questions about your health, including any medical conditions you have been diagnosed with or treated for. You'll also be asked questions about your occupation and lifestyle. The insurance company evaluates this information in determining whether to approve your new insurance policy. Many universal life insurance policies are offered with limited underwriting requirements, meaning you may not need to complete a physical examination as part of the application process.

Premiums for universal life insurance policies are typically higher than term insurance, but less expensive than premiums for whole life insurance policies. The price you pay will depend on the face amount of the policy (the amount of the death benefit payable after your death), your age at the time you apply, and your overall health. If you are a non-smoker, your premiums will generally be less expensive than those paid by regular tobacco users.

One of the biggest benefits of universal life insurance is the built-in flexibility when it comes to your premiums. If you experience a temporary financial hardship after your policy has been in force for a certain length of time and have sufficient cash value inside your policy, you may be able to rely on that cash value temporarily to help you keep the policy in force until you can afford to resume the full premium amount again.

Universal life insurance is a smart choice for people who want some flexibility with their life insurance policies. Because your premiums will be based on your attained age and health at the time you apply, there's no better time to apply than the present.

One of the biggest advantages of term life insurance is its affordability. Insurance companies can offer lower premium rates for term insurance coverage than for permanent policies because the odds of death during the policy term favor the insurance company. Term life insurance policies are also a great way to maintain flexibility: you can adjust the policy according to your changing needs. If you realize more permanent coverage is a better option for you, most in-force term life insurance policies can be converted to permanent life insurance.

Other advantages of term life insurance:

• It can be used to supplement life insurance coverage provided by your employer

• Policies provide a fixed death benefit for a time period that you choose up-front

• In addition to the specified "face amount" death benefit, your policy may include a return of premium option

• Some policies also offer other coverage options including critical illness and disability insurance protection

Of course, there are a lot of policies and policy options to choose from. When you're considering purchasing a term life insurance policy, you'll want to keep your financial situation in mind and select coverage that best meets your needs.

When you apply for any type of life insurance, you need to answer some basic questions about your health and lifestyle. Most people who are generally healthy will qualify for coverage. You may still qualify for term life insurance if you have some existing health problems, although your premium will likely be higher.

For some policies, you do not need to submit evidence of insurability beyond the application questionnaire, meaning you shouldn't need a physical examination to qualify for coverage.

The best time to buy term life insurance is now. Life insurance is intended to provide a cash death benefit to your named beneficiary (or beneficiaries) after you die. Of course, none of us can know when we'll die, or when our health situation might change for the worse. Because qualifying for term life insurance is based on your health at the time of application, it just makes sense to buy coverage now. Hopefully, your term life insurance policy will never be needed. If it is, your loved ones will appreciate the fact that you took the time for insurance planning when you did.

Because it is intended to provide coverage only for a specific amount of time, term life insurance is generally the least expensive type of life insurance you can buy. Your specific premium will be based on your age at the time you purchase the policy, as well as on your overall health. Non-smokers in good health will typically pay low premiums.