* Provides a set amount of coverage for a specified period of time, typically 10, 20, or 30 years.
* Premiums are generally lower than whole life insurance.
* If you die during the term, your beneficiaries will receive the death benefit.
* Coverage expires at the end of your policy term.
Whole Life Insurance
* Provides coverage for your entire life as long as you continue to pay the premiums.
* Premiums are higher than term life insurance.
* The cash value component of your policy grows over time, which can be borrowed against or taken out as a loan.
* Coverage never expires.
Universal Life Insurance
* Offers flexible coverage options and premiums.
* You can adjust the amount of coverage and your premium payments as your needs change.
* The cash value component of your policy grows over time.
* Coverage can be continued indefinitely as long as you continue to pay premiums.
Variable Life Insurance
* Provides coverage with the opportunity to invest your cash value component in a variety of mutual funds.
* The potential for a higher return on investment is greater, but so is the risk of loss.
* Coverage is contingent on the performance of your investments.
When choosing a life insurance policy, it's important to consider your individual needs and circumstances. You should also consult with a qualified financial advisor to get the best coverage for your needs.