There are several types of life insurance, each designed to serve different purposes and meet varying needs. Here are the main types of life insurance:
Term Life Insurance: Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years.
Whole Life Insurance: Whole life insurance, also known as permanent life insurance, offers coverage for the entire lifetime of the insured person.
Universal Life Insurance: Universal life insurance is another type of permanent life insurance that offers flexibility in premium payments and death benefit amounts.
Variable Life Insurance: Variable life insurance is a form of permanent life insurance where the policyholder can invest the cash value in various investment options, such as stocks, bonds, or mutual funds.
Indexed Universal Life Insurance: Indexed universal life insurance combines elements of universal life insurance with the potential for growth linked to a stock market index, such as the S&P 500.
Final Expense Insurance: Also known as burial insurance, this type of insurance is designed to cover the costs associated with funeral and burial expenses.
Guaranteed Issue Life Insurance: This type of policy is typically aimed at individuals who may have difficulty obtaining coverage due to health issues.
Group Life Insurance: Often provided by employers, group life insurance covers a group of people under a single policy.
It's important to assess your needs with an insurance professional before making a d
