Term Life Insurance:
Provides coverage for a specific period (e.g., 10, 20, or 30 years).
Pays a death benefit if the insured dies during the term.
Typically the most affordable option.
No cash value accumulation.
Whole Life Insurance:
Permanent coverage that lasts your entire life.
Includes a guaranteed death benefit and a cash value component that grows over time.
Higher premiums than term life, but fixed and predictable.
Universal Life Insurance:
Permanent coverage with flexible premiums and death benefits.
Includes a cash value that can earn interest based on market rates or a set minimum.
More flexibility but requires management to avoid policy lapse.
Variable Life Insurance:
Permanent coverage with investment options for the cash value.
Death benefit and cash value can vary based on investment performance.
Higher risk and potential reward.
Final Expense Insurance:
A small whole life policy designed to cover funeral and burial costs.
Easier to qualify for, often used by seniors.
Provides coverage for a specific period (e.g., 10, 20, or 30 years).
Pays a death benefit if the insured dies during the term.
Typically the most affordable option.
No cash value accumulation.
Whole Life Insurance:
Permanent coverage that lasts your entire life.
Includes a guaranteed death benefit and a cash value component that grows over time.
Higher premiums than term life, but fixed and predictable.
Universal Life Insurance:
Permanent coverage with flexible premiums and death benefits.
Includes a cash value that can earn interest based on market rates or a set minimum.
More flexibility but requires management to avoid policy lapse.
Variable Life Insurance:
Permanent coverage with investment options for the cash value.
Death benefit and cash value can vary based on investment performance.
Higher risk and potential reward.
Final Expense Insurance:
A small whole life policy designed to cover funeral and burial costs.
Easier to qualify for, often used by seniors.