What type is right for me?

The right life insurance policy can help you protect your loved ones, keep your hard-earned savings secure, and create a legacy that you can pass along with pride. With the options today, there’s a policy for every need.

Life insurance no longer has to be just temporary. The market has evolved with policies that can last a lifetime. Learn about the different options you have today.

  • Temporary Life insurance is just that, temporary. You pay a premium for a fixed amount of time, or specific term (e.g., 10, 15, 20, or 30 years) and receive a guaranteed death benefit if you die during that period. This is good for short-term needs.

  • Permanent Life insurance is built to last up to a lifetime. These policies offer the protection you’re looking for plus growth potential with access to cash value, and tax advantages you might not get in more traditional investments.

A quick comparison

Use this chart to get an overview of the differences and see which one might best meet your needs. A financial professional can walk you through your options and discuss the right solution for you.

  Temporary Life Permanent Life
Also known as Term Whole*, Universal, Indexed Universal, Variable Universal
Primary goal To protect what matters most to you To protect your loved ones with potential growth and reducing your future taxes
Payments from policyholder Fixed premium Flexible premiums
Guaranteed Death Benefit Options Yes, within the specified period of time you cover Lifetime protection available
Tax-deferred growth potential No Yes
What makes it different Temporary Life provides a cost-efficient way to protect what matters most for a set amount of time Permanent Life offers protection plus tax-deferred investment options and tax-free withdrawals. You can customize the amount and duration of coverage. Once you’ve paid your premiums, coverage continues throughout the rest of your life.
Find a policy that fits your needs

This quick tool will help you find the best option to meet your needs and provide key questions to ask your financial professional.

​Use the tool

Temporary life insurance

Give your loved ones a secure future and reduce their financial worries.

Choose the best temporary option for your needs

Permanent Life Insurance

Protect your family’s lifestyle and enjoy living benefits like retirement income or long-term care expense protection.

Explore permanent life insurance

*Lincoln Financial does not offer Whole Life.

 In New York, Lincoln LifeElements® One-year Term and Lincoln LifeElements® Level Term (10-year) will only be available for contractual obligations. Lincoln Financial Group® affiliates, their distributors, and their respective employees, representatives, and/or insurance agents do not provide estate, tax, accounting, or legal advice. Please consult an independent professional as to any tax, accounting, or legal statements made herein.

It is possible coverage will expire when either no premiums are paid following the initial premium, or subsequent premiums are insufficient to continue coverage.