4. Choosing the policy that meets your needs Each type of life insurance has its own benefits and drawbacks, and policyholder preferences and circumstances make certain features more important to some individuals than to others. The following table shows statements about life insurance policies. Indicate which policies address the concern or desire expressed by each statement. Check all that apply. Term life insurance Whole life insurance Universal life insurance I'm worried that my health might decline and want to secure a steady premium that won't be contingent on passing medical exams in the future. I want flexibility in the amount I pay in premiums in each month. I want lifelong coverage. I don't want to pay heavy fees. O