Type of Wallet: Hard..sort of
Pros: You can encrypt your money into a string of 12 words. That is, if you can memorize the 12 words, you can store your coin.
Cons: Obviously, if you forget your words you lose the money. There is no way of getting it back. More often than not, people write these words down, but then those words on a sheet of paper become your private key. Whoever knows it, now owns your money.