How do I select insurance for the long term?

Life insurance enjoys several unique tax advantages over other kinds of investments. Building cash value in some policies occurs on a tax deferred or tax free basis. Proceeds at death are received income tax free to the beneficiary. Partial surrenders or loans can be received income tax free to the owner of the policy. Long term benefits come from the ownership of the policy over the lifetime of the insured. They can lead to using a life insurance policy to be your own banker, receive a tax free income to supplement income from other retirement assets, transfer assets at death on a tax free basis, or maximize pension benefits between spouses.