Getting ready with life insurance

Provides coverage for a determined sum of money during a determined period of time ("term"). Death benefit is paid if the insured dies. If the insured does not die during the coverage period, a new contract must be written. 

Offers coverage for different levels of time periods; usually 10, 15, 20, or 30 years. It offers guaranteed level rates and amounts of coverage for the entire term of the policy. 

A specialized version of a whole life plan; whole life provides coverage until the policy holder dies. Modified whole life can help build cash value that is tax-deferred and can be easy to personalize coverage.

Offers a death benefit that is paid in a lump-sum (one-time payment) guaranteed to remain paid-up until the insured has died. The size of the death benefit depends on the money invested and the age and overall health of the insured person.