Different types of life insurance..

Term Life-Coverage for a specific period of time, such as 10, 20, or 30 years.

How it works:
If you pass away during the term, your beneficiaries receive the death benefit. If the term ends and you’re still living, the policy expires.
Best for:
Families with young children
Mortgage protection
Income replacement
Budget-conscious buyers
Pros:
Lowest cost
Simple and easy to understand
Cons:
No cash value
Coverage ends unless renewed (often at a higher price)

Whole Life-Permanent life insurance that lasts your entire life as long as premiums are paid.

How it works:
Part of your premium builds cash value that grows at a guaranteed rate. You can borrow against it.
Best for:
Long-term protection
Estate planning
People who want guarantees
Pros:
Lifetime coverage
Guaranteed cash value growth
Fixed premiums
Cons:
More expensive than term
Less flexible

Universal Life Insurance (UL)-Permanent insurance with flexible premiums.

How it works:
You can adjust how much you pay (within limits). Cash value earns interest based on a declared rate.
Best for:
People who want flexibility
Long-term planning with some control
Pros:
Flexible payments
Lifetime coverage
Cash value growth
Cons:
Requires monitoring
Growth is not guaranteed like whole life

Indexed Universal Life (IUL)

A type of universal life tied to a market index (like the S&P 500), but not directly invested in the market.
How it works:
Cash value growth is linked to index performance, with a cap on gains and a floor that protects from losses.
Best for:
People wanting growth potential with protection
Retirement planning strategies
Pros:
No market losses
Higher growth potential than UL
Flexible premiums
Cons:
Caps limit maximum growth

Variable Life Insurance-Permanent life insurance with investment options.

How it works:
Your cash value is invested in sub-accounts (similar to mutual funds). It can grow—or lose value—based on market performance.
Best for:
Experienced investors
High-risk tolerance
Pros:
High growth potential
Investment control
Cons:
Market risk
More fees
Value can go down

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