The three major types of life insurance are:
Term life insurance Term life insurance is coverage for a specific term or period, usually ranging from one to 30 years. It provides coverage for a set premium and is designed to provide a death benefit to beneficiaries if the insured passes away within the term of the policy.
Whole life insurance Whole life insurance is designed to provide lifelong coverage with a death benefit and a cash value component. It is generally more expensive than term life insurance, but the premium remains the same throughout the life of the policy.
Universal life insurance Universal life insurance is a type of permanent life insurance that provides both a death benefit and a cash value component. It offers more flexibility than whole life insurance by allowing policyholders to adjust their premium payments and death benefit amounts as needed.
Each type of life insurance has its own advantages and disadvantages, and the most suitable type of coverage will depend on individual circumstances and needs. It's important to work with a licensed insurance professional to determine the best type of coverage for your situation.