Life Insurance 101
Types of Life Insurance
Learn how common policy types work, what they may offer, and the questions to ask before choosing coverage.
Policy Types
Start With the Basics
Term Life
Coverage for a set period, often with level premiums for a chosen term.
Whole Life
Permanent coverage with guaranteed features when premiums are paid as required.
Universal Life
Flexible premium and death benefit options, subject to policy terms and funding.
Indexed Universal Life
A universal life policy with interest crediting tied in part to an index, subject to caps and floors.
Variable Universal Life
A universal life policy with investment options that can rise or fall with market performance.
Final Expense
Smaller permanent coverage often intended to help with end-of-life costs.
Compare Carefully
Look Beyond the Label
A policy type is only one part of the decision. Compare the coverage period, premium schedule, guarantees, flexibility, and how values may change over time.
More Options
Other Coverage Paths
Some policies are designed for specific needs or underwriting situations. Their availability, cost, and features vary by insurer and applicant.
Return of Premium
A term policy feature that may return eligible premiums if the insured outlives the term and policy conditions are met.
Guaranteed Issue
Coverage with limited health questions or no medical exam, often with lower benefit amounts and waiting periods.
Survivorship Life
A policy that generally pays after the second insured person dies, often used in estate or legacy planning discussions.
Group Life
Coverage offered through an employer or organization, which may change when employment or membership ends.
Next Step
Get Clear on Your Options
Use these guides to prepare questions for a licensed professional. This content is general education, not individual insurance, tax, legal, or financial advice.