- Term Life Insurance: Provides coverage for a specific period (e.g., 10, 20, or 30 years). It’s often more affordable because it only provides a death benefit and does not accumulate cash value.
- Whole Life Insurance: Offers coverage for the lifetime of the insured, with the added benefit of building cash value over time that can be borrowed against or cashed out.
- Universal Life Insurance: A flexible policy that combines life insurance with an investment component. Premium payments can be adjusted, and the cash value can earn interest.
- Variable Life Insurance: A type of permanent insurance where the cash value is tied to investments like stocks, bonds, or mutual funds, allowing for higher potential returns (and higher risk).
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