Term life insurance offers coverage for a set period and offers financial assistance to beneficiaries. This payout can serve as a replacement for lost income, cover bills, future expenses, and funeral costs. Some term policies may qualify for a No-Med Exam option, allowing for a detailed questionnaire instead of a medical exam. 

If the conditions of the policy are fulfilled, whole life insurance usually provides coverage for your entire life and pays out a death benefit to your beneficiary. This type of policy can assist with income replacement, supplementary income, and estate planning. This type of policy also has a savings component called "cash value" which grows over time with interest.

Universal life insurance typically provides coverage for your entire life and includes an optional fund that allows you to contribute above and beyond your standard life insurance. The additional cash fund can accumulate over time, but it's essential to note that universal life premiums may vary.