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What type of life insurance should I get?
Term life insurance is the most common life insurance policy. It's especially good to have if you're a young family who's still paying off debts (mortgage, kids' schooling, car payments). A term policy can help pay for these debts if something happens to you and is also 3- to 10-times cheaper than a whole life policy, although the older you get the more expensive a term policy can be and whole life would be a better choice.
Whole life insurance is great to have if you are older in age or have a lifelong dependent — say, a special needs child who will always be reliant on you for their care. It's also a good option if you want to spend your retirement savings but still have an inheritance to hand down to your family.
Final Expense insurance is a great option when you are just looking for enough money to cover your funeral and burial expenses and normally cover anywhere from $5,000-$40,000. It is helpful to decide whether you would like to be buried or cremated in order to figure out how much money you will need to cover your final expenses.
Life insurance also has many other benefits included as riders that are available such as long term care for example; If you have an event that puts you in a nursing home for several years or the rest of your life, most people don’t have $2,000 - $10,000 per month in their bank accounts to spend on Long term care expenses and Medicare will only pay for the first 100 days. With a life insurance policy that includes a long term care rider the remaining time in a nursing home will be covered without any out of pocket expenses.
There are also riders that include terminal illness, in the unfortunate event that you may be diagnosed with a terminal illness your life insurance policy will pay out early in order to cover those expenses.