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Permanent Insurance
As long as the necessary premiums are paid, protection is guaranteed for your entire life or to a specific age / maturity. Policy accumulates a cash value that grows on a tax-deferred basis that you can borrow against. Certain permanent life insurance policies can help you build wealth when you use it as a separate asset class in a diversified financial portfolio.
Term Insurance
Initially, premiums are generally lower than those for permanent insurance, allowing you to buy higher levels of coverage at a younger age when the need for protection often is greatest. However, premiums can increase as you age, and generally, the policy doesn’t offer cash value or paid-up insurance.
Final expense
Final expense insurance, also referred to as burial insurance, covers end-of-life expenses including funeral arrangements and any remaining medical or legal expenses that will need to be settled by your beneficiary.