1. Term
1. level, (the amount of coverage is fixed during the period of coverage) or declining, (the coverage drops according to a specified schedule).

2. renewable, (the policyholder can continue the coverage at the end of the term by paying further – higher – premiums) or non-renewable, (the policyholder cannot continue the coverage at the end of the term).

3. convertible, (to whole life or other cash value insurance) or non-covertible, (no convertibility to whole life or other cash value insurance is available).

2. Whole Life
It is a popular type of cash value insurance that builds up cash value and continues coverage until age 90 or 100.

3. Universal Life
Introduced a couple of decades ago, it is a type of cash value insurance that allows greater flexibility than a traditional whole life plan.

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