Life insurance comes in a handful of main types. They split into two families: temporary (term) and permanent (whole, universal). Here’s a plain-English tour.
Term life
Coverage for a set number of years at the lowest cost. Ideal for covering the years you have a mortgage and dependents. The most popular choice for good reason — see term vs whole life.
Whole life
Permanent coverage that lasts your whole life and builds guaranteed cash value, at a much higher premium. Suited to lifelong needs or specific estate-planning goals.
Universal life
A flexible permanent policy that lets you adjust your premium and death benefit over time, with cash value tied to interest rates or investments. More complex, and best understood with help from a licensed agent.
Final expense (burial) insurance
A small permanent policy designed to cover funeral and end-of-life costs, often bought by older adults. Easy to qualify for but expensive per dollar of coverage.
Which is right for you?
For most families protecting income and a mortgage, term life delivers the most protection per dollar. Permanent policies make sense for narrower, lifelong needs. Start by sizing your coverage in the calculator, then compare policy types and quotes.