- This form of life insurance provides protection for a specified term or time frame. It is generally less expensive and pays the beneficiary benefits in the event of the insured's death. These policies typically can be converted to permanent policies.
- This type of life insurance provides protection for the duration of the insured's life. It is more expensive and pays death benefits in the event of the insured's death. It earns interest and has a cash value.
- This is a type of permanent life insurance and protects the insured for the duration of their life. The premiums are usually flexible, it can build cash value and may gain interest. However, the insured is subject to federal tax laws.