Types of Life Insurance Available
- Term Life Insurance: This type of insurance is purchased for a specific period (term) and pays out only if the insured passes away during that term. It tends to be less expensive but can be harder to qualify for as one ages.
- Whole Life Insurance: A type of permanent life insurance that remains in effect for the insured’s entire life and includes a savings component, which can accumulate cash value.
Guaranteed Universal - Life Insurance: Combines elements of both term and whole life insurance, offering a lifetime coverage with a focus on the death benefit rather than cash value accumulation.
Final Expense - Insurance: Specifically designed to cover the costs associated with end-of-life expenses, such as funerals and medical bills, with typically lower coverage limits and easier qualification criteria.