| Term Life Insurance | ~40-50% | Provides coverage for a specific period (e.g., 10, 20, or 30 years). If the policyholder dies within the term, beneficiaries receive the death benefit. | Lower premiums, coverage for specific periods, no cash value accumulation. Premiums may increase after the term ends if renewed. |
| Whole Life Insurance | ~30-40% | Permanent insurance with coverage for the policyholder’s lifetime. Includes a savings component (cash value) that grows over time. | Fixed premiums, guaranteed death benefit, cash value grows at a guaranteed rate. Can be more expensive than term insurance. |
| Universal Life Insurance | ~10-15% | Permanent insurance offering flexible premiums and death benefits. The cash value earns interest based on market rates or a fixed interest rate. | Adjustable death benefit and premiums. Cash value accumulates based on the insurer’s interest rate. |
| Variable Life Insurance | ~5-10% | Permanent insurance with a cash value that is invested in sub-accounts (e.g., stocks, bonds), which can grow or lose value. | Investment options for the cash value, higher risk due to market volatility, death benefit and cash value fluctuate based on investment performance. |
| Guaranteed Issue Life | ~2-5% | Offers coverage without a medical exam, typically for older individuals or those with health issues. The death benefit may be limited for the first few years. | No medical exam required, higher premiums, limited death benefits initially, often used to cover final expenses. |
| Accidental Death Insurance | ~1-3% | Provides a death benefit only if the policyholder dies due to an accident. | Lower premiums than other policies, no benefit for death due to natural causes, often used as supplementary coverage. |