Your safety in mind.

Best for: Most people. Term life insurance is a simple, low-cost policy, and its main purpose is to replace your income when you die.

How it works: Term life insurance is typically sold in lengths of one, five, 10, 15, 20, 25 or 30 years. Coverage amounts vary depending on the policy but can go into the millions. Most people buy term life insurance for a length long enough to cover their prime working years. That way, if they die early, they can help a surviving spouse or other beneficiary meet short-term financial needs like paying off a mortgage or supporting their kids through college.

Pros: It’s often the cheapest life insurance, and it's sufficient for most people.

Cons: If you outlive your policy, your beneficiaries won’t receive a payout.

Best for: Those who want a straightforward permanent policy and can afford the higher premiums.

How it works: Whole life insurance typically lasts your entire life, as long as you keep up with premiums. It’s the closest thing to “set it and forget it” life insurance you’ll find. In general, your premiums stay the same, you get a guaranteed rate of return on the policy’s cash value, and the death benefit amount doesn’t change.

Pros: It usually covers you for your entire life, builds cash value and is relatively simple compared with other permanent life insurance options.

Cons: It’s typically more expensive than term life, so if you're looking for affordable life insurance, you might want to explore other options.

Best for: People who want permanent life insurance that can flex to future needs

How it works: A few policies fall under the universal life insurance umbrellas. But generally, this type of coverage allows you to adjust your premiums (within limits) and has a cash value component that grows based on market interest rates. Premiums typically increase over time, forcing you to increase your premium payments or cover rising costs by subtracting from your cash value account or death benefit. Universal life insurance is different from indexed universal life insurance — with those policies, the cash value growth is tied to a stock or bond index like the S&P 500.

Pros: It’s typically less expensive than whole life insurance and can adapt to your needs as life changes.

Cons: The death benefit and cash value growth are not guaranteed.

Best for: Those with a higher risk tolerance who want greater control over their cash value investments.

How it works: This type of cash value life insurance is tied to investment accounts, such as bonds and mutual funds. Variable life insurance premiums are typically fixed and the death benefit is guaranteed, regardless of how the market fares. If you’re considering a policy like this, a fee-only financial advisor — a planner who doesn’t earn commissions based on product sales — can help you choose the best one.

Pros: There is potential for considerable gains if your investment choices do well.

Cons: It requires you to be hands-on in managing your policy because the cash value can change daily based on the market.

Best for: People who want to cover their own funeral, burial and other end-of-life expenses.

How it works: Also known as final expense insurance, burial insurance is a small whole life insurance policy that is meant to help your family pay for your funeral, burial and other expenses after your death, like outstanding medical bills. The death benefit is guaranteed and typically ranges from $5,000 to $25,000.

Pros: A medical exam isn’t typically required, making it more accessible to seniors with pre-existing health conditions.

Cons: Coverage is capped at low amounts. If you die within two or three years of taking out your policy, your insurer may not pay the full death benefit.