TERM LIFE INSURANCE - Typically very affordable but only covers a limited amount of time for example -10 years, 20 years, or 30 years, and typically very hard to get after age 70.

TERM LIFE RETURN OF PREMIUM - It’s more expensive but when your term policy is up, you can get all or a large portion of the money back if you outlive the policy or you can elect a lower payout amount and have a paid-up policy.

WHOLE OR UNIVERSAL LIFE - Permanent insurance that is typically more expensive but can last as long as you pay the premium up to age 121 and offers you the flexibility to borrow against it.

When selecting a BENEFICIARY for your policy it can be anyone, a business partner, a loved one, or a charity.  You want to make sure you elect the best person to look out for your family's best interest and make sure if you list your spouse as primary you have a secondary beneficiary listed as well in case you would both be killed at the same time.  Listing a secondary beneficiary to look out for your children can be helpful if your children are under age 18 as the money can get tied up in the court system.

Check out the RESOURCES tab that includes several great websites to help you plan, information on wills, documents you should have ready before you die, etc.