That depends on a variety of factors, including how long you need coverage for, how much you want to pay, and whether you’re looking for a life insurance policy that builds cash value over time.

- Term Life Insurance

- Indexed Universal Life (IUL) Insurance

- Whole Life Insurance

All types of life insurance fall under two main categories:

Term life insurance. These policies last for a specific number of years and are suitable for most people. If you don’t pass away within the time frame specified in your policy, it expires with no payout. Term life insurance is often the most affordable option and provides pure protection without a cash value component.

Permanent life insurance. These policies last your entire life and typically include a cash value component, which grows over time and can be accessed while you’re still alive.

There are two main types under this category:

• Indexed Universal Life (IUL) Insurance: IUL offers flexibility with premium payments and death benefits. A key benefit of IUL is the potential for cash value growth tied to the performance of an index, such as the S&P 500. You can access the accumulated cash value through loans or withdrawals, allowing you to use the money while you’re living, whether it’s for retirement, education expenses, or other financial needs.

• Whole Life Insurance: Whole life provides lifelong coverage with a guaranteed death benefit and fixed premium payments. It also builds cash value at a guaranteed rate, which can be borrowed against or withdrawn, offering financial flexibility throughout your life.