Types of Life Insurance

Term life insurance, also known as pure life insurance, is a type of life insurance that guarantees payment of a stated death benefit if the covered person dies during a specified term. Once the term expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the term life insurance policy to terminate. 

Permanent life insurance is an umbrella term for life insurance policies that do not expire. The three primary types of permanent life insurance are Whole Life, Universal Life and Index Universal Life, and most permanent life insurance combines a death benefit with a savings portion.