Term Life Insurance
- Coverage for a set period (10, 20, 30 years).
- Most affordable option, ideal for families with young children, mortgage payments, or income replacement needs.
- Pros and cons: Lower cost, but no cash value or lifetime protection.
Whole Life Insurance
- Permanent coverage that lasts your entire life.
- Includes a cash value component that grows over time.
- Can be used as an investment vehicle or borrowed against.
- Pros and cons: More expensive, but provides lifetime coverage and financial growth.
Universal Life Insurance
- A hybrid policy offering flexibility in premiums and benefits.
- Includes a cash value account that earns interest.
- Good for individuals looking for long-term financial planning options.
- Pros and cons: Flexible but more complex than other options.
Final Expense Insurance
- Designed to cover funeral costs, medical bills, and other end-of-life expenses.
- Lower coverage amounts, but no medical exa
- m required.Pros and cons: Easier approval, but limited payout.