Common types of life insurance
Term life
Coverage for a stated period. Often used for income replacement, mortgage protection or other needs that may decrease over time.
Permanent life
Designed to remain in force as long as policy requirements are met and can include a cash-value component, depending on the policy.
Final expense
Typically smaller policies intended to help families with funeral, burial and other end-of-life expenses.
Questions to ask before choosing coverage
- Who depends on your income or financial support?
- What debts or obligations would remain?
- How long is the need expected to last?
- Do you want primarily death-benefit protection, or are permanent-policy features important?
- Are beneficiaries and contingent beneficiaries current?
Life insurance availability, premiums and underwriting depend on age, health, policy type, coverage amount and insurer rules. Policy illustrations should be reviewed carefully when applicable.