Term Life Insurance
Term life insurance provides coverage for a specific period, typically 10, 20, or 30 years. It's often the most affordable option and is ideal for those who need coverage for a specific timeframe.
Key Features
- Fixed premium for the term period
- No cash value accumulation
- Simple and straightforward coverage
- Lower initial premiums compared to permanent insurance
Best For
- Young families with children
- Homeowners with mortgages
- Business owners with term-specific needs
- Those on a budget seeking maximum coverage
Whole Life Insurance
Whole life insurance provides lifelong coverage with a guaranteed death benefit and a savings component that builds cash value over time.
Key Features
- Guaranteed death benefit
- Fixed premiums for life
- Cash value accumulation
- Dividend potential (if participating)
Best For
- Those seeking lifelong coverage
- Individuals wanting to build cash value
- Estate planning purposes
- Business succession planning
Universal Life Insurance
Universal life insurance offers flexible premiums and death benefits, along with a cash value component that earns interest based on current market rates.
Key Features
- Flexible premium payments
- Adjustable death benefits
- Cash value accumulation
- Current interest rates
Best For
- Those seeking flexibility in premiums
- Individuals wanting to adjust coverage
- Long-term financial planning
- Supplemental retirement income
Variable Life Insurance
Variable life insurance combines death benefit protection with investment options, allowing policyholders to invest the cash value in various investment accounts.
Key Features
- Investment options for cash value
- Potential for higher returns
- Death benefit protection
- Tax-deferred growth
Best For
- Experienced investors
- Those seeking growth potential
- Long-term financial planning
- Estate planning strategies
Final Expense Insurance
Final expense insurance, also known as burial insurance, is designed to cover end-of-life expenses and funeral costs.
Key Features
- Smaller death benefits
- Simplified underwriting
- Quick approval process
- Affordable premiums
Best For
- Seniors seeking burial coverage
- Those with health concerns
- Family members wanting to cover final expenses
- Individuals with limited budgets