Term policies provide a death benefit for a specified term or period of time. Premiums might remain level or increase over time. Term insurance does not accumulate cash value, and when the term expires, so does the insurance.

Whole life insurance provides guaranteed permanent death benefit coverage as long as premium is paid as scheduled.

Universal life features permanent death benefit coverage and cash value built up through interest payments or dividends from investments directed by the insurer. Premiums are typically flexible if the cash value in the policy is enough to pay the cost of insurance.

Variable universal life offers permanent death benefit coverage, with the owner of a policy making the investment decisions about the cash value accumulated in the policy.

Like universal life, premiums are flexible dependent on the cash value.

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