Term life insurance provides coverage for a specified term, such as 10, 20, or 30 years. If the insured person passes away during the term, the policy pays out a death benefit to beneficiaries. It is typically more affordable than permanent life insurance.

Many term life insurance policies offer conversion options that allow you to convert all or part of the coverage into a permanent life insurance policy without the need for a medical exam. This can be a useful feature if you decide you need lifelong coverage later on.

A cash back option, often referred to as a cash value or cashback rider, allows policyholders to receive a portion of their premiums back after a specified period if no claims are made. It's a way to provide some financial return on premiums paid if the insured person outlives the policy.

The cash back option typically returns a percentage of the total premiums paid over a specific duration, such as 20 or 30 years, as long as the policy is still in force and no claims have been made.

Burial insurance, also known as final expense insurance, is a type of whole life insurance designed to cover the costs associated with a person's funeral and burial expenses. It is typically a smaller face value policy intended to ease the financial burden on loved ones.

Many burial insurance policies offer simplified underwriting, which means they may not require a medical exam. Instead, they often ask health-related questions on the application.

Indexed Universal Life (IUL) is a type of permanent life insurance that offers a death benefit to beneficiaries and a cash value component that can grow over time. It allows policyholders to allocate a portion of their premiums to indexed accounts linked to stock market indexes, potentially providing the opportunity for cash value growth.