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There are literally dozens of different life insurance policies available today, but there are four basic types. The first, term life, is pure insurance protection. The other three types -- whole life, variable universal life and universal life -- provide financial payout upon the death of the insured person, while also building tax-deferred cash value over time. 

1. Term Life Insurance
2. Whole Life Insurance
3. Universal Life Insurance
4. Variable Universal Life Insurance

1. Term Life Insurance

Term Life Insurance is the simplest and often most affordable type of policy. It has only one function: to pay a specific amount to your beneficiary if you die. Term life covers you for the full amount of life insurance you choose for a specified period of time, ranging from 5 to 20 or even 30 years. It traditionally works best in meeting temporary insurance needs. It gives you life insurance protection -- often at the lowest available rates for the time period you choose. 

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2. Whole Life Insurance

Whole life insurance provides permanent life insurance coverage for your beneficiary, while also building tax-deferred cash value for you. It offers you a low-risk, tax-deferred cash value feature, managed by the insurance company. It may pay you dividends of excess interest. It lets you borrow against the cash value or surrender the policy while you're still alive. It may also let you use the cash value to keep coverage inforce after you have stopped paying premiums. 

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3. Universal Life Insurance

Universal Life Insurance provides permanent life insurance coverage for your beneficiary, while also building tax-deferred cash value for you. In addition, it gives you more flexibility than whole or variable life policies. It is managed by the insurance company and offers a guaranteed interest rate for the policy's tax-deferred cash value. You can borrow or withdraw from the policy while you're still alive. It lets you easily change the amount you pay in premiums and the amount of your policy's coverage, within certain limits. 

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4. Variable Universal Life Insurance

Variable Universal Life Insurance provides permanent life insurance coverage and builds tax-deferred cash value. It is a flexible and powerful tool that provides you with the advantage of investing a portion of your life insurance premium in diverse portfolios designed to meet your specific goals and risk tolerance. It is more effective than many investments because it allows your gains to grow in a tax-deferred way. You may also borrow from your policy without incurring income tax. 

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