Term life insurance provides coverage for a specific period, typically ranging from 10 to 30 years. It is often more affordable than permanent options and is ideal for individuals looking to cover temporary financial responsibilities, such as a mortgage or education expenses for children. Once the term ends, the coverage ceases unless renewed.

Whole life insurance offers lifelong coverage with a cash value component that grows over time. This type of policy guarantees a death benefit and can serve as a financial asset, allowing you to borrow against the cash value or withdraw funds if needed. It is suitable for those seeking stability and long-term financial planning.

Universal life insurance combines the benefits of permanent coverage with flexible premiums and death benefits. Policyholders can adjust their premiums and coverage amounts, making it a versatile option for those whose financial needs may change over time. This adaptability is especially beneficial for seniors planning for future uncertainties.