LIFE INSURANCE

LIFE INSURANCE

Whole Life Insurance

Coverage Duration: Lifetime
Cost: Higher premiums
Cash Value: Grows at a guaranteed rate
Best For: Long-term financial planning, estate planning

Term Life Insurance

Coverage Duration: Fixed period (e.g., 10, 20, or 30 years)
Cost: Generally the most affordable
Cash Value: None
Best For: Temporary needs like income replacement or mortgage protection

Indexed Universal Life (IUL)

Coverage Duration: Lifetime
Cost: Flexible premiums
Cash Value: Tied to a stock market index (e.g., S&P 500), with caps and floors
Best For: People looking for growth potential with downside protection

Universal Life Insurance

Coverage Duration: Lifetime (flexible)
Cost: Flexible premiums
Cash Value: Grows based on interest rates
Best For: Those who want flexibility in premiums and death benefits