Compare life insurance types
Six kinds of coverage, explained in plain words. Find the one that fits your budget and the job you need it to do.
All 12 types of life insurance
Final expense
Small whole life plans that pay for a funeral and last bills.
See final expense
Term life
The most coverage for the least money, for 10 to 30 years.
See term life
Whole life
Coverage that lasts your whole life and builds cash value.
See whole life
Mortgage protection
Life insurance sized to your home loan, so the house stays paid.
See mortgage protection
IUL
Permanent coverage with cash value tied to a market index.
See IUL
No exam
Many plans let you skip the needles and the nurse visit.
See no exam
Guaranteed issue
No health questions. You cannot be turned down for your health.
See guaranteed issue
Return of premium
Term life that pays you back if you outlive it.
See return of premium
Universal life
Permanent coverage with flexible payments.
See universal life
Accidental death
Pays only if you die in an accident. Cheap, but narrow.
See accidental death
Child life
A small policy on a child, or a rider on your plan.
See child life
Key person
Protect a business if an owner or top worker dies.
See key personWhich one fits you?
Final expense: People on a budget with little savings who want their family to have funeral money fast.
Final expense is a small life insurance policy to pay for a funeral and last bills. It is often whole life with a small face amount. Read more
Term life: Families who need a lot of coverage for a while, like until the house is paid off or the kids are grown.
Term life covers you for a set number of years, like 10, 20, or 30. If you die in that time, your family gets the money. Read more
Whole life: People who want coverage that never runs out and a set price, and can afford higher payments.
Whole life covers you for your whole life, as long as you pay. It also builds cash value over time. Read more
Mortgage protection: Homeowners who want their family to keep the house.
Mortgage protection is life insurance meant to pay off your home if you die. It is often a decreasing term policy where the payout drops as your loan goes down. Read more
IUL: People who already have the coverage they need, can pay higher premiums for many years, and understand the fees and limits.
IUL is permanent life insurance with cash value. The cash value growth is tied to a stock index, like the S&P 500, instead of you picking investments. Read more
No exam: People who want coverage fast or do not want a medical exam.
No exam life insurance skips the doctor visit and blood test. The insurer uses your answers and outside data to decide. Read more
Guaranteed issue: People with health problems who may not qualify for other life insurance.
Guaranteed issue life insurance is a policy you can get without proving you are in good health. Many of these policies pay a smaller amount if you die in the first few years, then pay the full amount after that. Read more
Return of premium: People who want term coverage for a set number of years and are willing to pay more for the chance to get their money back.
Return of premium term is term life insurance that pays you back your premiums if you are still alive when the term ends. If you die during the term, your beneficiary gets the death benefit instead. Read more
Universal life: People who want lifelong coverage, some savings, and the freedom to change their payments over time.
Universal life is permanent life insurance with a cash value account and flexible payments. You can change how much you pay and how big the death benefit is, within limits. Read more
Accidental death: People who want extra money on top of regular life insurance, often through a rider or a work plan.
Accidental death coverage pays only if you die from an accident. AD&D, or accidental death and dismemberment, also pays if an accident makes you lose a limb or your eyesight. Read more
Child life: Parents or guardians who want some coverage on a child, often added to their own policy.
Child life insurance covers a child's life, either as its own policy or as a rider on a parent's policy. A child rider adds term coverage for your kids to your own policy. Read more
Key person: Small businesses that depend on an owner or a few key people, and business partners who need money to buy out a partner's share.
Key person insurance is life insurance a business buys on someone the business can't do without. If that person dies, the business gets the money. Read more
Questions about coverage types
What is the cheapest kind of life insurance?
Term life is usually the cheapest. It covers you for a set number of years, like 10, 20 or 30, and has no cash value.
What is the difference between term and whole life?
Term life covers a set number of years. Whole life covers your whole life, costs more, and builds cash value you can borrow against.
What kind of life insurance pays for a funeral?
Final expense insurance. It is a small whole life policy, often $5,000 to $25,000, made to pay for a funeral and last bills.
Can I get life insurance without a medical exam?
Yes. Many term and final expense plans skip the exam. The company checks your answers and records instead.
See your price in 2 minutes
Two minutes, a few questions, and a licensed agent shows you what it really costs. No exam needed for many plans.
About 3 in 4 people guess life insurance costs more than it does. LIMRA 2026