There are two major types of life insurance — term and permanent life insurance.

Term is the simplest form of life insurance. It provides protection over a specific period of time and pays a death benefit only if the insured dies during this specific time period. Term policies are normally for 10-30 years and do not build cash value.

Permanent life insurance provides lifelong protection as long as premium requirements are met. Most permanent life insurance builds cash value. There are three major types of permanent life insurance – traditional whole life, universal life and variable life.

• Whole Life
  Premiums remain level over the life of the policy. Many whole life policies pay dividends or excess credits to the policy owner which can add value to the policy.
• Universal Life
  Offers a guaranteed death benefit opportunity, premium payment flexibility and access to the cash value. The cash value grows at an interest rate set quarterly by the issuing company.
• Survivorship Universal Life
  Insures two lives. Death benefit is not paid until the second insured’s death. Offers a guaranteed death benefit opportunity, premium payment flexibility and access to the cash value. The cash value grows at the interest rate set quarterly by the issuing company.

• Variable Universal Life
  Offers premium payment flexibility, adjustable death benefit features and access to the cash value, combined with the opportunity to invest in underlying investment options.
• Survivorship Variable Universal Life
  Insures two lives. Death benefit is not paid until the second insured’s death. Offers premium payment flexibility, adjustable death benefit features and access to the cash value, combined with the opportunity to invest in underlying investment options.
• Single Premium Variable Life
  Accepts only the initial single premium. Offers a death benefit, access to cash value and the opportunity to invest in underlying investment options.