Term Life Insurance

Overview:

Provides coverage for a specific term (typically 10, 15, 20, or 30 years)

Pays a death benefit if you die during the term

No cash value component

Most affordable form of life insurance

Who Should Buy It:

Young families with limited budgets

New homeowners with mortgages to cover

Parents with young children who want to protect income until kids are grown

Single adults who want affordable protection for debts or burial costs

Best For:

Ages 25–50

Those with dependents and debt

People needing high coverage for low cost

Those who only need coverage for a specific time frame

Whole Life Insurance

Overview:

Permanent coverage — lasts your entire life

Premiums never increase

Builds guaranteed cash value over time

Can pay dividends (if with a mutual company)

Who Should Buy It:

Parents or grandparents looking to leave a legacy

People who want to lock in coverage and not worry about reapplying later

High earners looking for tax-advantaged cash accumulation

Those with permanent financial obligations (e.g., special needs dependents)

Best For:

Ages 30–65

Those wanting predictability and lifelong coverage

People with long-term financial planning goals

Families with wealth-transfer objectives

Universal Life (UL) Insurance

Overview:

A flexible permanent policy

Lets you adjust death benefit and premiums (within limits)

Accumulates cash value based on interest rates

Who Should Buy It:

People with fluctuating incomes (e.g., self-employed or business owners)

Families who want permanent coverage with some flexibility

Those looking for cash value accumulation with control

Best For:

Ages 35–65

Those planning for long-term protection and financial flexibility

Individuals who may want to adjust premiums or benefits later

Indexed Universal Life (IUL)

Overview:

A type of UL where cash value is linked to a stock market index, like the S&P 500

Market upside potential, with no risk of loss

Often used for tax-free retirement income and estate planning

Who Should Buy It:

Professionals and business owners looking to supplement retirement income

Parents who want to create college funding plans

People interested in building wealth without stock market volatility

Clients with tax planning or legacy goals

Best For:

Ages 30–60

High earners looking for growth + life insurance

People interested in tax-deferred cash accumulation

Those needing retirement income strategies

Final Expense (or Burial) Insurance

Overview:

Whole life policy with small face amounts ($5,000–$50,000)

Easy to qualify for — sometimes no medical exam required

Covers funeral costs, small debts, and end-of-life expenses

Who Should Buy It:

Seniors on fixed incomes

People with health issues who may not qualify for other policies

Adults who want to avoid leaving burial expenses to loved ones

Best For:

Ages 50–85

Retirees or low-income individuals

Those seeking simple, affordable permanent coverage