Lifeley Answer Center

Clear, expert answers to the most common life insurance questions.

• What Is Term Life Insurance? — Term life insurance is a life insurance policy that provides a death benefit to your beneficiaries if you die during a specified period (the "term"), typically 10, 20, or 30 years.
• What Is Indexed Universal Life (IUL)? — Indexed Universal Life (IUL) is a type of permanent life insurance that combines a death benefit with cash value growth linked to a stock market index, featuring a floor that protects against losses.
• What Is an Annuity? — An annuity is a financial contract with an insurance company where you pay a lump sum (or series of payments) in exchange for guaranteed income payments, either starting immediately or at a future date.
• What Is Whole Life Insurance? — Whole life insurance is a type of permanent life insurance that provides coverage for your entire life, with fixed premiums and a cash value component that grows at a guaranteed rate.
• What Is Mortgage Protection Insurance? — Mortgage protection insurance is a type of life insurance specifically designed to pay off your remaining mortgage balance if you die, so your family can keep their home.
• What Is Final Expense Insurance? — Final expense insurance is a small whole life insurance policy, typically between $5,000 and $25,000, designed to cover funeral costs, outstanding medical bills, and other end-of-life expenses.