Term Life Insurance

• Best for: Temporary coverage needs, such as paying off a mortgage or supporting dependents until they become financially independent.

• Pros: Affordable premiums, flexible term lengths.

• Cons: No cash value accumulation, coverage expires after the term.

Whole Life Insurance

• Best for: Lifetime coverage, estate planning, and supplementing retirement income.

• Pros: Lifetime coverage, guaranteed death benefit, cash value accumulation.

• Cons: Higher premiums, less flexibility.

Universal Life Insurance

• Best for: Flexible premiums, adjustable coverage, and tax-deferred cash value growth.

• Pros: Flexible premiums, adjustable coverage, tax-deferred growth.

• Cons: Complex policies, fees, and risks associated with investment options.

Variable Life Insurance

• Best for: Investors seeking tax-deferred growth and flexibility in their investment options.

• Pros: Tax-deferred growth, investment flexibility, potential for higher returns.

• Cons: Investment risks, fees, and complexity.

• Coverage needs: How much coverage do you need, and for how long?

• Budget: What can you afford to pay in premiums?

• Financial goals: Are you looking for cash value accumulation, tax-deferred growth, or lifetime coverage?

• Risk tolerance: Are you comfortable with investment risks, or do you prefer guaranteed returns?

• Age and health: How will your age and health impact your premium costs and coverage options?