Life insurance comes in various forms, each offering different features and benefits to policyholders. Here are the main types of life insurance:

• Term Life Insurance: Provides coverage for a specific period, typically 10, 20, or 30 years. If the insured dies during the term, the beneficiaries receive the death benefit. Term life insurance is often more affordable than permanent life insurance.

• Whole Life Insurance: Offers coverage for the insured's entire life, as long as premiums are paid. Whole life insurance builds cash value over time, which can be borrowed against or withdrawn by the policyholder.

• Universal Life Insurance: Similar to whole life insurance but with more flexibility in premium payments and death benefits. Policyholders can adjust premiums and coverage amounts as needed, subject to certain limitations.

• Variable Life Insurance: Combines life insurance with investment options, allowing policyholders to allocate premiums to investment accounts. The cash value and death benefit can fluctuate based on the performance of the investments.

• Indexed Universal Life Insurance: Offers flexible premiums and death benefits, with the cash value tied to the performance of a stock market index. Policyholders can potentially earn higher returns compared to traditional universal life insurance.

Life insurance provides financial protection for families and loved ones in the event of the insured's death. Here are some common scenarios where life insurance can make a difference:

• Income Replacement: If the primary breadwinner of a family passes away, life insurance can replace lost income and help cover ongoing living expenses, such as mortgage payments, utility bills, and childcare costs.

• Debt Payoff: Life insurance can be used to pay off outstanding debts, such as a mortgage, car loan, or credit card balance, ensuring that loved ones are not burdened with financial obligations after the insured's death.

• Education Funding: Parents can use life insurance proceeds to fund their children's education expenses, including college tuition, textbooks, and other educational fees.

• Estate Planning: Life insurance can be included as part of an estate plan to provide liquidity for estate taxes, funeral expenses, and other costs associated with settling the estate.

• Charitable Giving: Individuals can designate charitable organizations as beneficiaries of their life insurance policies, leaving a lasting legacy and supporting causes they care about.