What Are The Two Basic Types Of Life Insurance Policies? 
There are two types of life insurance : Term and Permanent life insurance . Term life insurance is for a time certain period of coverage to indemnify your beneficiaries from financial liability . Permanent life insurance is for ongoing financial liabilities that may never terminate . Depending upon your age term life insurance issues at guaranteed periods of 5 , 10 , 15 , 20 and 30 years . Permanent life insurances can mature up to age 121 and some polices actually isle the life of the insured . Permanent life insurance can be classified into two categories : Par whole Life and Universal Life . Universal life has four policy platforms : Guaranteed universal life , current assumption universal life , indexed universal life and variable universal life . 