The most important thing to remember is: you get what you pay for!  If there was one life insurance plan that was obviously better than the rest it would be easy.  The reality is, you have to find a product that suits your philosophy, your needs, your budget. 

For instance: do you need the life insurance for a short time or long time?  Do you need it to insure the completion of a limited partnership goal or as financial protection for those dependent on you.  The many plans available provide for numerous situations.  But it is up to you to determine if the cost and benefits satisfy your goals. 

1. PERMANENT: The most expensive of the life insurance plans, the Perminent plan combines long term insurance with either a tax sheltered investment growth or an earlier paid up policy.  A paid up insurance policy is one which provides that, after a set period of time, there will be no more premiums to pay.

   This is popular with those having disposable income and an established estate, seeking more tax sheltered growth and the option of paid up insurance to cover costs associated with settling an estate.

2. TERM 100: A less expensive life insurance, the Term 100 offers no investment growth or paid up features.  It does, however, guarantee not to raise your premium payments for the rest of your life - no matter how long you live.

   This is purchased by those who wish to invest away from the insurance company, but who are attracted to the fixed cost and see an advantage to keeping insurance throughout their lifetime.

3. RENEWABLE TERM: The least expensive of the life insurance plans, the Renewable Term plan fixes your cost for a specified period of time (or term) with an option to renew later at a higher cost.  This plan will terminate at a pre-determimed age (eg:70, 75, 80 etc.).  The shorter the term, e.g.: 20, 15, 10, 5 or 1 year term, the less expensive it will be initially.  Choosing a longer term will give you better amortized payments, but will initially cost more.

   This is most often bought by people with numerous financial commitments and young dependents.  It enables them to buy large sums of coverage for an initially small investment and still have an option to covert it later to a Permanent plan with no need for a medical check-up.