There are various types of insurance policies, which affect the agreement between you and the insurance company. Many people consider the following insurance policies when they are in the market.

• Whole insurance – These policies cover you as long as you are making the premiums. These policies are more expensive, therefore; purchasing a policy while you are young and healthy is recommended.
• Term insurance – With these policies, you have insurance for a period of time. Typically, you can purchase insurance for 10, 20, or 30 years. After having insurance for the term, some insurance companies allow you to convert the policies to whole life insurance.
• Universal insurance – Universal insurance policies are another type of whole life insurance. These policies allow you to adjust your premium which gives you more control over your insurance policy.

The major benefits of having an insurance policy include:

1. They help cover the cost of burial expenses.
2. Insurance policies are a great way to reduce the debt on an estate.
3. Some insurance policies build cash value.
4. Death benefits are tax-free.
5. You can borrow from the cash value to invest in your retirement, tax-free.
6. Family members can continue with their standard of living while adapting to losing an income.

To cover the costs of final expenses, consider getting an insurance policy for you and your family.