Term Life
Term life insurance coverage is an inexpensive way to purchase a significant amount of life insurance protection.  Premium payments can be guaranteed for a period of 5, 10, 15, 20 or 30 years depending on the insured's age.  After the guarantee period expires, the premium will increase annually.  As a result, term insurance is best used when coverage is needed for a specific period of time.

Universal Life
Universal life insurance is a cash value, permanent life insurance policy that can provide protection for one's lifetime based on current assumptions of the insurance carrier. The premium for this type of policy is more expensive than term insurance; however, the policy can be designed to remain in effect indefinitely. 

Whole Life
Whole life insurance is another form of permanent life insurance protection.  The premium and death benefit for this type of policy are guaranteed.  As a result, this policy type is a more expensive form of life insurance protection. Whole life insurance provides tax deferred cash value accumulation.  Based on the financial performance of the company, a whole life policy may be credited with a dividend that can increase the death benefit and cash value of the policy.

Survivorship Life
Survivorship life insurance, or Second-to-die life insurance as it is also known, is a life insurance policy that insures two lives, and pays a death benefit at the second death.  Generally, this type of policy is used as a financial tool to pay estate taxes.