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Accidental Death Insurance is a low-cost alternative to life insurance. It is a way for people who might otherwise be declined or worry about being rejected for traditional life insurance.

Accidental death insurance policies are also a cost-effective means to add extra financial protection along with a traditional life insurance policy.

Accidental death insurance can provide an inexpensive safety net for your family. Not only will you be insured from death as a result of an accident, but many policies also extend coverage to your spouse and children.

Why do children need life insurance? There are many possible answers to that question, but here are a few.

First, your children will always have life insurance regardless of future health.

Second, you get peace of mind. A life insurance policy valued at $10,000-$15,000 would more than cover funeral costs should the unthinkable happen.

Third, the policy can build cash value. By the time your children turn 18 they could have a nice nest egg they could use to buy a car, or borrow off of the policy to help pay for college.

And fourth, the premium rate is locked in for the life of the policy.

Whole life insurance policies are guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. As a life insurance policy it represents a contract between the insured and insurer that as long as the contract terms are met, the insurer will pay the death benefit of the policy to the policy's beneficiaries when the insured dies. Whole life premiums are fixed, based on the age of issue, and usually do not increase with age.

Term life insurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions.

Mortgage protection insurance (MPI) is a type of life insurance designed to pay off your mortgage if you were to pass away, and some policies also cover mortgage payments (usually for a limited period of time) if you become disabled.

Final expense insurance is a type of whole life insurance designed to cover medical bills and funeral expenses when you pass. A final expense policy is also known as burial or funeral insurance and is popular with seniors.