
Types Of Life Insurance
Of course Jesus doesn't need life insurance, he defeated death. If you're human like the rest of us, it's a very good protection to have for your family.
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