Here are a few options to consider

OPTION 1: FIUL POLICY- Fixed Indexed Universal Life

Fixed Indexed universal life (FIUL) insurance is permanent, which means it lasts your entire life and builds cash value. Purchasing an FIUL policy has advantages that go far beyond the death benefit. For example, FIUL policies provide numerous ways to utilize the cash value in tax-advantaged ways. The FIUL offers a guaranteed minimum return and provides flexibility in accessing funds without penalties, offering more control over the investment.You may be able to borrow against the cash value accrued in an Fixed Indexed Universal Life insurance policy tax-free, but any outstanding loans when you pass away would be deducted from the death benefit.

OPTION 2: GUL Policy- Guaranteed Universal Life 

Guaranteed universal life (GUL) insurance is a type of permanent life insurance that offers a guaranteed death benefit and fixed premiums for the life of the policy. GUL policies have little to no cash value.

OPTION 3: TERM-

A Term policy provides financial protection for a set period of time. The policy owner pays premiums for the term of the policy, usually 10–30 years, and if they die during that time, the insurance company pays a death benefit to the policy owner's beneficiaries. A term policy is the most inexpensive type of insurance, but it is temporary and have no cash value, no payout after the term expires, and no value other than a death benefit.

OPTION 4: FINAL EXPENSE-

Covers Funeral costs, but also may include other expenses related to end of life, no cash value.