1. Term Life Insurance

• Provides coverage for a specified period (e.g., 10, 20, or 30 years)

• Pays a death benefit if you die during the term

• Generally less expensive than whole life insurance

• Ideal for:

• Young families with dependents

• Temporary financial obligations (e.g., mortgage, car loan)

• Those who want affordable coverage for a specific period

2. Whole Life Insurance

• Offers lifetime coverage with a guaranteed death benefit

• Includes a cash value component that grows over time

• More expensive than term life insurance

• Ideal for:

• Those who want lifetime coverage

• Estate planning and legacy goals

• Supplementing retirement income

3. Universal Life Insurance

• Combines a death benefit with a savings component

• Flexible premiums and death benefit

• Can earn interest and grow cash value

• Ideal for:

• Those who want flexibility in their coverage

• Business owners and entrepreneurs

• Complex estate planning

4. Variable Life Insurance

• Combines a death benefit with an investment component

• Cash value grows based on investment performance

• Riskier than other types, as investments can fluctuate

• Ideal for:

• Those who want investment potential with their coverage

• High-net-worth individuals

• Sophisticated investors

5. Final Expense Life Insurance

• Designed to cover funeral expenses and final medical bills

• Typically smaller coverage amounts (e.g., $5,000 to $25,000)

• Ideal for:

• Seniors or those with limited financial resources

• Those who want to ensure their loved ones aren’t burdened with final expenses

• Age and health: Term life insurance may be more suitable for younger, healthier individuals, while whole life insurance may be better for older or less healthy individuals.

• Financial obligations: Term life insurance can cover temporary financial obligations, while whole life insurance provides lifetime coverage.

• Investment goals: Universal and variable life insurance offer investment components, but come with added risk.

• Budget: Term life insurance is often more affordable, while whole life insurance provides lifetime coverage at a higher cost.