Choosing Appropriate Life Insurance

Sarah, a 40-year-old single mother with two dependent children, is looking for life insurance coverage to provide financial security for her family. She has a stable job with a salary of $80,000 per year, $50,000 in savings, and a mortgage balance of $250,000. Sarah wants a policy that offers the most affordable way to provide coverage until her children are financially independent.
Which type of life insurance is most appropriate for Sarah’s situation?
- Whole life insurance because it provides lifetime coverage and builds cash value.
- Term life insurance because it offers lower premiums and can provide coverage until her children are independent.
- Universal life insurance because it offers flexible premiums and potential for cash value growth.
- Variable life insurance because it allows her to invest in market-based sub-accounts for higher returns.