Choose the Right Type of Policy

Life insurance policies generally fall into two categories: term life and permanent life insurance (which includes whole and universal life).

• Term Life Insurance: Provides coverage for a specific period (e.g., 10, 20 years) and is typically more affordable. It’s suitable for those who need coverage for a limited time, such as until children are financially independent.
• Permanent Life Insurance: Offers lifelong coverage and includes a cash value component that grows over time. This can be beneficial for long-term financial planning but usually comes with higher premiums.