Which life insurance product is best? It all depends on your needs. At Great American Life, we provide consumers with quality term and universal life insurance. Your agent can help you determine which type of coverage will best fit your financial situation.

Term life insurance allows you to purchase coverage for a specific period of time—typically for the smallest premium. Our level term product maintains a level premium for the designated term of the policy (generally 10, 15, 20 or 30 years). Once the term period ends, you can elect to continue coverage at a new rate. A cash endowment rider, available with selected Great American Life term products, provides a cash benefit at the end of the selected term period (10, 15, 20 or 30 years).

Universal life (UL) policies provide a flexible premium, giving you greater control over your policy's account value. These plans are sometimes referred to as “permanent” insurance. That's because your coverage remains in force even after 20 or 30 years. There is also a cash accumulation feature on universal life policies, from which you can withdraw or borrow money at a low interest rate. While UL coverage may appear more expensive in the beginning, it is often more economical in the long run.

The importance of life insurance

You want the best for your family. You save money and invest when you can. But will these savings and investments provide for your family's needs if you pass away? Will this money allow your loved ones to maintain their current standard of living if you can no longer support them? Life insurance can assist with all of these things.

Life insurance is financial security that can help replace a lost income and help family members avoid debt in the event of death of a wage earner. While no one likes to think about these situations, it's necessary in order to plan for the security of your family.

To determine the type of life insurance and amount that best fits your needs, and for complete details on coverage including exclusions, limitations and terms for renewal, contact your Great American Life agent. He or she will be more than happy to assist with your insurance planning. If you are in need of an agent, feel free to e-mail us.

If you would like an estimate on your personal insurance needs, simply complete the assessment worksheet below. You can use the results as a guide when meeting with your agent.

Products and riders not available in all states.

All it takes is a D.I.M.E. D In the event of your death, what costs would be associated with your burial and finalizing your estate? (burial, estate settlement, medical expenses, etc.) I If you died today, what income would your family need to sustain the household on an annual basis? (household expenses, child support, car payments, etc.) Annual income X number of years = M What is your outstanding balance on your mortgage? E What will it take to fund your children's college education? The death benefit needed (D+I+M+E) = The D.I.M.E. method provides a rough sense of your potential life insurance needs.