LIFE INSURANCE | Options available

Life insurance is available in several forms:
Term Insurance: Policy written for a specific period of time, usually 10 to 20 years, that pays a death benefit if you die during that term. Protection ends unless the policy is renewed.
Permanent Insurance: A policy in force as long as you pay the premiums, with a benefit paid to your beneficiaries on your death. Permanent insurance also builds up a cash value, which increases over time tax-deferred and you can borrow against or convert to an annuity.
Permanent insurance policy options include:
U Whole, or ordinary life, with premiums and death benefits generally constant over the life of the policy.
U Universal, or adjustable life, with adjustable premium payments and death benefits.
U Variable life, with performance tied to financial markets.
U Variable universal life, combine features of variable and universal.
Source: American Council of Life Insurers