Universal life insurance: Universal life insurance is a type of flexible permanent life insurance that combines elements of both whole life insurance and term life insurance. The policyholder can choose the amount and frequency of premium payments, and the policy provides a death benefit and a savings component. The cash value component of a universal life insurance policy grows tax-deferred, and the policyholder can use the cash value for things like supplemental income or loans. Additionally, the policyholder can adjust the death benefit as needed. Universal life insurance is often recommended for those who want flexible coverage options and a source of savings.

Term life insurance: Term life insurance provides coverage for a specific period of time, usually ranging from 10 to 30 years. The premiums for term life insurance are typically lower than those for whole life insurance because the policy only provides coverage for a limited period of time. If the policyholder dies within the term of the policy, the death benefit is paid out to the beneficiaries. However, if the policyholder outlives the term, the policy will simply expire and no death benefit will be paid. Term life insurance is often recommended for those who want coverage for a specific period of time and do not need a savings component.

Final expense life insurance: Final expense life insurance is a type of insurance designed to cover end-of-life expenses, such as funeral costs. The coverage amounts for final expense life insurance are typically lower than those for other types of life insurance, and the premiums are typically lower as well. The goal of final expense life insurance is to ensure that the policyholder’s loved ones are not left with the burden of paying for end-of-life expenses. Final expense life insurance is often recommended for those who want to provide for their loved ones after they are gone and ensure that their end-of-life expenses are covered.