What is it?

Term life insurance provides coverage for a set period of time (such as 10, 20, or 30 years). If the insured passes away during that term, the policy pays out a death benefit to the beneficiary.

Why it’s useful:

- Affordable way to secure large amounts of coverage.
- Good for protecting loved ones during years of highest financial responsibility (mortgage, raising children, debts).
- Straightforward and easy to understand.

What is it?

Whole life insurance provides coverage for the insured’s entire lifetime, as long as premiums are paid. It also includes a cash value component that grows over time.

Why it’s useful:

- Guaranteed lifetime protection.
- Builds cash value you can borrow against.
- Fixed premiums that won’t increase.

What is it?

Universal life insurance is permanent coverage with flexible premiums and a cash value that earns interest. Policyholders can adjust payments and death benefits within certain limits.

Why it’s useful:

- Flexibility in premiums and coverage.
- Cash value that grows at a minimum guaranteed rate.
- Options for higher returns if tied to indexes (Indexed UL).

What is it?

A VUL policy combines permanent life insurance with an investment component. Part of your premium builds cash value, which you can invest in different accounts similar to mutual funds.

Why it’s useful:

- Flexibility in premium payments.
- Opportunity for higher growth through market investments.
- Lifetime coverage with the potential to build wealth.

What is it?

Final expense (or burial insurance) is a smaller life insurance policy designed to cover funeral costs, medical bills, or other end-of-life expenses.

Why it’s useful:

- Affordable option for seniors.
- Eases financial burden on family.
- Simplified application process, often with no medical exam.

What is it?

This type of life insurance protects a business if a key employee, owner, or partner passes away. The policy payout can help cover lost revenue, recruit replacements, or fund buy-sell agreements.

Why it’s useful:

- Protects the stability of a business.
- Ensures continuity during unexpected loss.
- Can be part of succession or exit planning.