What Kinds Of Life Insurance Is There? 
The basic types of life insurance are term , whole life and universal life . There are several variations of each type available , much to numerous to mention here . Here are the basic characteristics : Term insurance - covers you for a specified term -LRB- 10 , 20 , 30 years -RRB- and then the rate increases until the policy expires at a given age . Typical 80 or 85 . Very inexpensive initially , but renewals in later years could be cost prohibitive . Whole life - coverage for the whole of your life . Premiums usually level and guaranteed . This type of policy usually has a build up of cash value , that in some cases in could be quite significant . Universal Life is essentially an unbundled whole life . Subject to minimums and maximums you choose the premium you pay and how the cash value is invested . Flexibility is a double edged sword since this type of policy needs to be managed . Since there are some many options available , you will need help choosing . An independent life insurance broker , who represents several companies , can help you find the right policy at the right price . If you have further questions , or feel that I could be of assistance , please do not hesitate to contact me . If you would like to work with a local life insurance broker , you could start with a Google search . For example , if you search for : life insurance broker Halifax or life insurance agent Halifax , my name , along with several others , will come up . You can use the same method to find a life insurance broker in your community . 