A one-time payment to the policy's beneficiaries upon the insured's death, covering expenses like funeral costs, mortgage payments, debts, and daily living expenses.

Whole life and universal life insurance provide lifelong coverage with premium payments. They include a cash value that grows over time and is accessible to the policyholder during their lifetime.

Offers coverage for a defined duration, like 10, 20, or 30 years. Should the insured pass away within the policy term, the death benefit will be disbursed to the beneficiaries.

Common riders include accelerated death benefit riders that allow access to part of the death benefit upon a terminal illness diagnosis, and waiver of premium riders that eliminate premiums if the insured is disabled.

Policies build cash value accessible via loans or withdrawals. This can supplement retirement income, pay college tuition, or cover emergencies.