Life insurance isn’t just about preparing for the worst, it’s about giving your family peace of mind, covering final expenses, replacing lost income, and leaving behind a legacy. But not all life insurance is the same.

Term Life Insurance
 Coverage for a set period (typically 10, 20, or 30 years). It’s usually the most affordable type of life insurance.

How it works:
If you pass away during the term, your beneficiary receives the full death benefit. If the term ends while you're still living, the coverage expires (unless you convert or renew it).

Best for:

• Families with young children

• Homeowners with a mortgage

• Anyone needing high coverage at a low cost

• Business owners covering key employees or loans

Why people choose it:
It’s simple, cost-effective, and ideal for covering temporary financial obligations.

Cons

Whole Life Insurance

Permanent coverage that lasts your entire life with a guaranteed death benefit and fixed premiums. It also builds cash value you can access over time.

How it works:

Part of your premium goes into a cash value account that grows over time. You can borrow from it while living, and your loved ones still receive a death benefit when you pass.

Best for:

• People who want lifelong protection

• Those who like predictable, fixed premiums

• Parents or grandparents building generational wealth

• Individuals focused on estate planning

Why people choose it:

It’s reliable, builds value you can use, and locks in your rate for life.

Cons

Universal Life Insurance

A flexible form of permanent coverage that includes adjustable premiums and death benefits. It also builds cash value, often based on market performance or fixed interest.

How it works:

You can adjust how much you pay (within limits), and your cash value grows based on the policy’s structure (some are interest-based, some are tied to indexes).

Best for:

• Higher-income earners seeking flexibility

• People interested in long-term wealth strategies

• Those who want coverage with growth potential

• Individuals who want to fine-tune coverage over time

Why people choose it:

It offers customization and cash value growth with more control than whole life.

Cons

Child-Only Life Insurance

Coverage purchased for children, typically whole life with locked-in low premiums and guaranteed future insurability.

How it works:

You buy a policy now (usually $10,000–$500,000), and the child keeps it for life. Many include a guaranteed purchase rider, letting them increase coverage as an adult, no health questions asked.

Best for:

• Parents or grandparents wanting to build a financial head start

• Families with a history of medical issues

• Anyone who wants to lock in low rates and future options

Why people choose it:

It’s a long-term gift that grows with the child and gives them a head start on financial security.

Why we chose one for our son:

Cons