The main difference? An increasing death benefit adds the cash value to the original benefit upon passing, but costs more over time. If you’re aiming for living benefits and want the highest internal rate of return, go with the level death benefit, especially if you’re older and funding the policy over 5-10 years. For those starting younger, begin with the increasing benefit and switch to level once funding is complete. This ensures the insurance costs get cheaper as you age, making it last longer.
Catch the full episode for more insights.