What your options are

Term life insurance is a type of life insurance policy that provides for a specified period, usually ranging from 10 to 30 years. If the insured individual passes away during this term, the beneficiaries receive a death benefit. It's a straightforward often more affordable option compared to permanent life insurance, as it does not build value. Term life insurance is ideal for those looking for financial protection for their loved ones during critical years, such as raising children or paying off a mortgage.

Whole life insurance is a type of permanent life insurance that provides coverage for insured's entire lifetime, as long as premiums are paid. It combines a death benefit with a cash value component that grows over time, allowing policy to accumulate savings. This type of insurance offers financial security for beneficiaries and can also serve as a financial asset during the policyholder's lifetime. Whole life insurance is known for its premiums and guaranteed death benefits.

Indexed universal life (IUL) insurance is a flexible, permanent life insurance product that combines lifelong coverage with a cash value component tied to a market index, like the S&P 500. Your cash value grows tax-deferred based on index performance, with a cap on gains and a floor to protect against losses. IUL allows adjustable premiums and death benefits, offering potential for wealth building and tax-free loans, but comes with higher fees. Ideal for estate planning or retirement, it balances growth and security.