Term life insurance covers you for a set period of time — usually between 10 and 30 years. It’s the most affordable type of life insurance for most people because it only provides financial protection during the period of your life when you have the biggest expenses — like when your children are younger, or while you have a mortgage to pay off.

Whole life insurance is a type of permanent life insurance, which means it lasts your entire life. It comes with a cash value component in addition to the lump-sum payout. High-net-worth individuals and people with dependents who require long-term care can benefit from this cash value as an additional investment vehicle, or as a buffer against estate tax.

Universal life insurance (UL) is a type of permanent life insurance that lasts for your entire life, comes with a cash value component, and lets you adjust the cost of your premiums — and the amount of your death benefit — if and when your circumstances change. UL policies are usually more expensive than term life, but less expensive than whole life.

If you have trouble qualifying for traditional term or permanent life insurance due to your age or a serious health condition, a limited type of whole life insurance called final expense insurance could be a good option. Also known as burial insurance, it pays a small death benefit to your family to help cover end-of-life expenses, like a funeral or medical bills.