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Compare the types of life insurance

Understand your life insurance options

Securian Financial offers several types of life insurance, all with unique features and benefits. Understanding your life insurance options can help you get the coverage you need to help secure your family’s financial future and pursue your goals.

To help determine what type of policy meets your and your family’s needs, ask yourself:

  • Why do I need life insurance?
  • Whom do I want to protect financially?
  • How much coverage can I afford?
  • Would I want my family to continue living a similar lifestyle if I were no longer around?1
  • Do I need coverage for a specific amount of time or lifetime protection?
  • Do I want access to cash value for different life events?
  • How much risk am I willing to take?

Based on your answers to these questions, this chart can help you consider your life insurance options. It can be helpful for starting a discussion with your financial professional about a life insurance strategy that is right for you. Talk to a financial professional today.

Life insurance comparison chart

Benefits and considerations Term life insurance Permanent life insurance
Income tax-free death benefit for beneficiaries  yes  yes
Guaranteed death benefit1  yes  yes
Potential lifetime coverage*  no  yes
Simple product  yes  no
Flexible premiums and death benefit  no  yes
Potential to build tax-deferred cash value that can be accessed for various needs  no  yes
Requires regular policy review  no  yes
Agreements allow policy customization  yes  yes

* Please note that some term life policies can be converted to permanent insurance.

Estimate your needs

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1. If owner/insured are different, the death benefit will be paid upon death of the insured. 

2. While the policy remains inforce

Please keep in mind that the primary reason to purchase a life insurance product is the death benefit. 

Life insurance products contain fees, such as mortality and expense charges, and may contain restrictions, such as surrender periods.

Policy loans and withdrawals may create an adverse tax result in the event of a lapse or policy surrender, and will reduce both the surrender value and death benefit. Withdrawals may be subject to taxation within the first fifteen years of the contract. You should consult your tax advisor when considering taking a policy loan or withdrawal. 

You should consult your tax advisor regarding your own tax situation. 

Guarantees are based on the claims-paying ability of the issuing insurance company. 

DOFU 3-2022