Life insurance provides financial protection for your loved ones in the event of your passing. It can help cover funeral expenses, pay off debts, or provide a legacy for your family. There are several types of life insurance, including term life, whole life, and universal life, each offering different levels of coverage and flexibility.
Term Life Insurance provides coverage for a set period — typically 10, 20, or 30 years. It’s often the most affordable option and is great for covering temporary needs like mortgage payments or income replacement.
Whole Life Insurance lasts your entire life and builds cash value over time. It offers stable premiums and can be a valuable financial planning tool.
Universal Life Insurance combines lifetime coverage with investment options. It offers more flexibility than whole life, allowing you to adjust your premium and death benefit as your needs change.
Some life insurance policies offer living benefits, which allow you to access part of the death benefit while you’re still alive if you’re diagnosed with a serious illness.
