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A Visual Guide to Choosing the Right Life Insurance for Your Family

By Jessica Sillers Aug 7, 2023

In this article

Life insurance can offer an important source of financial protection and security for your family. People seek out life insurance for different reasons, so it’s important to find a policy that offers the benefits you value most.

Life insurance comes in two main categories, term and permanent insurance. Term life insurance offers coverage for a specific period of time. When the term ends, you’ll need to shop for a new policy if you want continued coverage. Many families prefer term life because premiums are much lower than comparable permanent policies. Whole life is a popular form of permanent life insurance. It offers a guaranteed death benefit as long as your policy is active, and you can build funds in a cash value component that you can borrow from while you’re alive. Lifelong coverage is an important advantage, but premiums are considerably higher.

The thing is, while it’s helpful to understand what your life insurance options are, that doesn’t always answer the question of which is best for you. What if cheaper premiums and a guaranteed benefit both sound good? How deep do you dive into research before your eyes glaze over and you give up and flip a coin?

Don’t call heads or tails yet. If you’re on the fence about which type of insurance is right for you, try our easy, just-for-fun flow chart first. You’ll still need to check your result against your real-life situation (family life is complex, and details really do vary), but we can at least help ask the questions that can point you in a helpful direction.

A flow chart depicts whether term life, whole life, an insurance combo, or no life insurance are appropriate for you based on the initial questions that ask whether you have dependent children that need lifelong care or if loved ones rely on you.

Fabric exists to help young families master their money. Our articles abide by strict editorial standards.

Fabric by Gerber Life exists to help young families master their money. Our articles abide by strict editorial standards.

Information provided is general and educational in nature and is not intended to be, and should not be construed as, financial, legal, or tax advice. Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. Federal and state laws and regulations are complex and are subject to change. We make no warranties with regard to the information or results obtained by its use, and disclaim any liability arising out of your use of, or reliance on, the information.

Fabric by Gerber Life offers a mobile experience for people on-the-go who want an easy and fast way to purchase life insurance.

Written by

Jessica Sillers

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© 2023 Gerber Life Agency, LLC

Term Life Insurance Policy Series ICC22 2205-4004 WSA and Accelerated Death Benefit Rider policy series ICC22 2205-2623 WSA (and state variations where applicable) issued by Western-Southern Life Assurance Company, Cincinnati, OH which operates in DC and all states except NY, and distributed by Gerber Life Agency, LLC using Fabric Technologies. Gerber Life Agency, LLC is an affiliate of Gerber Life Insurance Company (est. 1967). All are members of Western & Southern Financial Group (Western & Southern). Issuance of coverage for Term Life Insurance is subject to underwriting review and approval. Please see a copy of the policy for the full terms, conditions and exclusions. Product provisions, availability, definitions and benefits may vary by state. Payment of benefits under the life insurance policy is the obligation of, and is guaranteed by, the issuing company. Guarantees are based on the claims-paying ability of the issuer. Products are backed by the full financial strength of the issuing company.

All sample pricing is based on a 30-year old F in Excellent health for the coverage amount shown and a 10-year term policy, unless otherwise stated. Gerber Life Agency, LLC (GLA) is an insurance agency licensed to sell life insurance products. GLA will receive compensation from Western-Southern Life Assurance Company for such sales. The NAIC Company Code for Western-Southern Life Assurance Company is 92622.

Western-Southern Life Assurance Company's A+ Superior A.M. Best Rating: Superior ability to meet ongoing insurance obligations (second highest of 13 ratings; rating held since June 2009). Ratings are subject to change from time to time. The ratings shown here are correct as of 09/03/2022. For more information about a particular rating or rating agency, please visit the website of the relevant agency.

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Gerber Life is a registered trademark. Used under license from Société des Produits Nestlé S.A. and Gerber Products Company.

In the State of California, Gerber Life Agency, LLC is known as and does business as Gerber Life Insurance Agency, LLC.