There are several types of life insurance policies, however the right policy is the one that meets your specific needs. The type of policy that almost everyone should get is a term policy. Term insurance does get more costly as you get older, and depending on your age, you may want to get a cash value policy instead.

If you are considering buying a cash value policy or trading in your current policy, you should only look at low or no-load policies. With these policies, there is no agent commission. Instead, you pay a fee for the agent’s assistance. Other types of life insurance policies are whole life and universal.

Remember to do your research. Insurance agents often are paid a percentage commission based on the type of insurance sold. For example, an agent’s commission on a typical whole life policy is anywhere from 100% to 150% of the first-year premium compared to a commission of 25-50% of the first-year premium for a term policy.

For more information on what you should be considering when planning for your incredible retirement, pick up a copy of Brian Fricke’s book Worry Free Retirement.