Introduction to Life Insurance

Life insurance helps protect your loved ones financially when you’re no longer there to provide for them. It can cover living costs, debts, or future needs, giving your family peace of mind. Below are the main types of life insurance to consider when planning your coverage.

Final Expense:

Final Expense is designed to cover the costs associated with a person’s funeral, burial, and other end-of-life expenses. A Final Expense policy can be a good choice for older individuals who want to lessen the financial burden on their loved ones after their passing. This specialized type of life insurance offers a lower coverage amount than traditional life insurance, and age limits are often higher — up to 85 with some policies. Qualifying can be simpler with a few health questions and little to no medical underwriting.

Index Universal Life (IUL) Insurance:

Index Universal Life (IUL) combines lifelong protection with the potential for cash value growth. Unlike traditional whole life insurance, an IUL’s cash value is linked to a market index (such as the S&P 500). While it doesn’t directly invest in the market, it allows policyholders to benefit from market gains up to a certain cap, while also protecting against losses with a guaranteed minimum interest rate.

This type of policy provides flexibility — you can adjust your premiums and death benefit over time, and the cash value can be accessed through policy loans or withdrawals to help supplement retirement income or cover emergencies.

Term Life Insurance for Mortgage Protection

Term Life Insurance provides coverage for a specific period, usually 10, 20, or 30 years. It’s designed to offer affordable protection during the years you need it most — such as while paying off a mortgage or raising a family.

For homeowners, Term Life can act as Mortgage Protection Insurance. If the insured passes away during the term, the policy’s death benefit can help surviving family members pay off the mortgage, keeping them in their home and maintaining financial stability. Because of its lower cost compared to permanent coverage, term insurance is often chosen for temporary, high-need financial obligations.

Coverage Options

Final Expense Insurance

Final Expense Insurance helps cover funeral, burial, and end-of-life costs, reducing the financial burden on family members. It’s often designed for seniors seeking a simple, affordable policy without extensive medical requirements.Coverage amounts are smaller than traditional policies, but age limits are higher — often up to 85 — and approval is easier with minimal health questions.

Find Your Best Coverage Option

Whether you need lifelong protection through an Index Universal Life policy, affordable Term Life coverage for your mortgage, or a Final Expense plan for peace of mind, Connect to Coverage helps you choose the plan that fits your needs.

Get your free life insurance quote today.