Life Insurance

Types of Life Insurance Options

Choosing the right life insurance depends on your goals, budget, and how long you want protection to last. Here are the most common options:

1. Term Life Insurance

• What it is: Affordable coverage for a set period of time (10, 20, or 30 years).
• Best for: Families needing protection during key years (like paying off a mortgage or raising children).
• Key Benefit: High coverage at a lower cost — ideal for temporary needs.

2. Whole Life Insurance

• What it is: Permanent coverage that lasts your entire lifetime. Builds guaranteed cash value over time.
• Best for: Those who want lifelong protection and stability.
• Key Benefit: Predictable premiums, guaranteed death benefit, and cash value growth.

3. Universal Life Insurance

• What it is: Flexible permanent insurance. Premiums and coverage can be adjusted as your needs change.
• Best for: People who want lifelong coverage with the ability to adapt payments and benefits.
• Key Benefit: Flexibility and potential cash value growth at a competitive interest rate.

4. Indexed Universal Life (IUL)

• What it is: A type of universal life insurance that links cash value growth to a stock market index (like the S&P 500®).
• Best for: Those seeking lifelong protection plus potential for higher cash value growth, with downside protection.
• Key Benefit: Lifelong protection with the opportunity to build tax-advantaged cash value.

5. Final Expense Insurance

• What it is: A smaller whole life policy designed to cover funeral costs and final expenses.
• Best for: Seniors or those who want an affordable way to ensure loved ones aren’t burdened with end-of-life costs.
• Key Benefit: Easy approval, fixed premiums, and peace of mind for families.

👉 In summary:

Final Expense = simple, affordable way to cover funeral costs.

Term = affordable, temporary coverage.

Whole = guaranteed, lifelong security.

Universal/IUL = flexible coverage with cash value growth potential.