First and foremost, life insurance is about protecting the people who rely on you. It can help pay for a wedding, pay for a home, fund retirement, and help in estate planning. It’s also designed to help make sure your loved ones have the support and financial security they need in the event of the death of a spouse or parent.
In addition to guaranteed life insurance coverage, whole life allows you to accrue a cash balance that can be used to pay for important life events, such as a wedding or a new birth.
If you're looking for a simple entry into life insurance, this is the best way to go. Term life is exactly what it sounds like: protection for a set period. It's solid coverage, and you can convert your coverage to a more permanent solution if your life changes.
There are lots of ways to maintain your lifestyle later on in life. A guaranteed income annuity is one good way to do it. Most people think of an annuity as a pension-like stream of income. When you have one, you basically get a steady "paycheck" for the rest of your life—so you can worry less about managing your money and focus more on living your life.