What Different Types Of Life Insurance Are There? 
The two main types of life insurance are Term and Permanent . Subtypes under Term include Return of Premium -LRB- ROP -RRB- Term that returns all the premiums if the insured person outlives the number of years in the Term policy . It includes hybrid policies that are a combination of Term and Accidental Death , or Term and Universal Life . The premiums for Term policies jump very high after a set number of years . Subtypes under Permanent life insurance include Whole Life , Universal Life , Indexed products and Variable products . When funded properly , these will be in effect upon death at any age . Permanent policies can have a guaranteed premium but not all permanent policies are guaranteed not to lapse at a level premium . They also have more choices of payment , such as single premium policies -LRB- paid for with a lump sum -RRB- or limited pay policies -LRB- paid in fewer years than if one paid the premium for life -RRB- . 