Term Life Insurance
This option is simple. You choose a death benefit – how much money your heirs will be paid when you die – and a term of how long you want the coverage to stay in place. Term life insurance is the least expensive, budget friendly choice.
Permanent life insurance
These policies offer both insurance and an investment component, generally called cash value. Part of your premiums pay for the insurance element of the policy and part goes to the investment part. As long as premiums are paid, the policy stays in force for your lifetime. These kinds of policies are attractive to those who want insurance that will stay in force for longer than a specific term, or for a lifetime and are well suited for high net-worth individuals with large estates.