Whole life insurance gives policyholders lifelong coverage along with a cash value to use during their lifetime. With whole life coverage, you don’t have to worry about investing with nothing to show for it. The cash value gives an added cushion for retirement.

Term life insurance allows young professionals and people with budgets to purchase the coverage they need to protect against a loss of income. For a set term length of between 10 and 30 years, you can purchase $500,000 or more in coverage to protect your family’s financial security.

Index universal life insurance is a permanent policy like whole life, but offers flexible premiums. Its cash value follows a stock market index fund to track the interest without being directly exposed to the risks of investing.

When you purchase your life insurance policy, you can add terminal illness, critical illness, chronic illness and long term care riders. These allow you to access money from your benefit if you are diagnosed with a serious condition and need help paying for the treatments or services necessary for your care and quality of life.

Final expense insurance is a life insurance policy for seniors with low monthly premiums. It provides a benefit between $5,000 and $25,000 to help pay for the cost of a funeral and burial or cremation. These policies require no medical exam and ask only a few health questions.

Purchase mortgage protection insurance within 24 months of closing on a home to make sure that your loan will be paid in full in the event of your death.