What are the 3 main types of life insurance?

• 1. Term life insurance is simpler and more affordable but has an expiration date and doesn't include a cash value feature.         
•         Term coverage only protects you for a limited number of years 5,10,15,20,25,30 depending on your age.
• 2. Whole life insurance is a permanent insurance policy that pays the beneficiaries a specific amount upon the death of the insured. Because the insurance policy also builds up a tax-deferred cash value over the life of the policy, the policyholder can borrow against it
• (Modified whole life insurance) (regardless of your health condition) policies have a 2-3 year waiting period. If the insured dies from natural causes during this time, beneficiaries receive only returned premiums plus interest, not the full death benefit. After the waiting period, the full death benefit is paid regardless of cause the of death. Accidental death is immediate coverage for the face amount of the policy from day one(1).
• 3. Universal life (UL) insurance is a form of permanent life insurance with an investment savings element, loan options, and flexible premiums

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