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Life Insurance 101

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Life insurance and its benefits

We’re all familiar with life insurance, at least as a general concept. But not everyone knows all the different types of life insurance products available to them and the many advantages to having these policies as part of an overall financial strategy. Here’s an easy-to-understand guide to life insurance and its benefits.

Types of life insurance

  • Term life insurance

    Term offers straightforward protection. Simply choose a coverage amount and duration that fits your needs. Your premiums help ensure your loved ones will receive a guaranteed payment if you pass away during the chosen term. Term policies also offer options to switch to permanent coverage as your needs change.

  • Whole life insurance

    Whole life helps you confidently plan for future needs by providing guaranteed lifelong protection and cash value growth. Use your policy to help leave a legacy or a variety of other uses depending on your situation and need. Additionally, you can earn dividends* that enhance your policy’s performance or lower your premiums.

  • Variable Universal Life (VUL)

    Designed with flexibility and growth potential in mind, Variable Universal Life pairs permanent protection with the ability to invest your policy’s cash value across a wide range of options. The ability to adjust coverage levels, premiums and investment strategies makes VUL a versatile solution for meeting a variety of financial planning and protection needs.

  • Asset-based long-term care

    Asset-based long-term care products allow you to purchase a whole life insurance policy or annuity that can also provide benefits to pay for qualifying long-term care expenses. And, if care is never needed, these products can provide benefits to your heirs. Asset-based long-term care products also have the advantage of providing significant tax advantages, a cash value that can be accessed in an emergency and other customization options.

  • Annuities

    Annuities are insurance contracts designed to protect and grow your assets, and to create a guaranteed income stream, either immediately or in the future. Annuities are primarily used as long-term retirement tools that help individuals or couples address the risk of outliving their savings.

  • Pass down what really matters.

    A legacy is what you leave behind after a life well-lived. We hope yours includes a wealth of special memories, hearty laughter and unforgettable moments. Those things are truly invaluable.

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Review our collection

Whether you’re just starting out with building a financial plan, or looking for ways to refine your strategy, we’ll connect you with a financial professional who can help put you on a path.


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There’s more to life insurance than a simple death benefit. It can be part of an overall strategy to build and protect your financial future. It’s important to work with an experienced professional who can help you select a product. 

Note: OneAmerica Financial is the marketing name for the companies of OneAmerica Financial. Life insurance should be purchased by individuals who have a need to provide a death benefit to protect others with insurable interests in their lives against financial loss. Life insurance is not a retirement plan, investment or savings account. Life insurance policies’ cash values are not considered liquid. Cash value policy loans are taxable if the policy is surrendered or terminates before the insured’s death and the cash value exceeds the policy’s cost basis.