There are many different types of Life Insurance policies available to help in different ways and for specific needs.

Here are a few.

Term policies.

Term typically has the lowest cost for the amount of coverage. These policies are for a set period of years and are often used to make sure your family is covered for major costs. These include paying off the mortgage, paying for college, replacing your income after you pass, and other large needs.

When the Term runs out, you will need to replace this with another policy that fits your remaining needs down the road. You may be able to take advantage of an IUL or Whole Life policy to get that larger amount of coverage and keep it for life. These are options we talk about when you want to get some information on what might fit you needs best.

Whole Life / Universal Life

These are more expensive than term, because you are locking in an amount of coverage for the rest of your life. Many of these policies will also build cash for retirement or other needs.

Final Expense / Burial Insurance

These are typically used to cover funeral and final expenses. They are a little more forgiving on health conditions. They are also typically limited to $50k in coverage down to around $1000.

While many think of Life Insurance as something for after you pass, some do have special coverages built in which can provide lump sums of money in the case of chronic and critical illness.