Life insurance helps reduce financial strain on loved ones after a policyholder’s death, and coverage usually costs less when buyers are younger and healthier.
Two main categories shape most choices: term coverage lasts for a set period, while permanent coverage lasts for life and builds cash value.
Term policies can run for 1, 5, 10, 15, 20, 25, or 30 yr, often covering prime working yrs at lower cost.
Permanent choices differ: whole life offers steady premiums and guaranteed cash value, while universal versions trade certainty for more payment flexibility and market-linked growth potential.
Final expense coverage offers smaller guaranteed benefits and may suit seniors or people with preexisting conditions because it does not require a medical exam.
