This type of policy will cover you for a specific period, such as 10, 20 or 30 years. It has low premiums and is ideal for those seeking coverage for a limited time or to meet a specific financial goal.

A whole life policy includes lifelong coverage, a death benefit and a cash value component. It costs more but will suit those who want permanent coverage and to accumulate cash value.

Final expense insurance, also known as burial insurance, helps cover end-of-life costs, such as funeral arrangements and any outstanding medical or legal bills. This policy ensures your loved ones aren't left with a financial burden, as funeral expenses can easily exceed $10,000.

Simplified issue life insurance provides coverage without requiring a medical exam. It's an ideal choice if you need life insurance quickly and prefer not to wait weeks or months for approval.