Term Life Insurance is a policy that protects you for a set amount of time. It is often the most affordable option, meant to protect your family financially with the Death Benefit. Term Life Insurance is not permanent, but you could always switch to a permanent plan whenever you want.

Universal Life Insurance is one of two lifetime protection plans. It is a flexible plan that allows you to build cash value from stock index funds. You can also change premiums while covered in order to meet your financial needs.

The other lifetime protection plan, Whole Insurance, is the most lavish plan. This option will give you a guaranteed death benefit, and the opportunity to earn dividends from your stocks. This is the best plan on the marketplace as it comes with a fixed premium from the moment you purchase the plan.