What Are The Different Types Of Life Insurance Plans? 
The two basic types of life insurance plans are term insurance and permanent insurance . Within that , there are different categories of each type . For term insurance , you 've got fully underwritten coverage with exams -LRB- which will generally provide you with the lowest premiums -RRB- and non-medical programs . Non-medical programs generally feature very similar underwriting requirements as fully underwritten programs , but without the requirement of an exam . While a carrier may not request a doctor 's statement for every policy , they reserve the right to order one . For permanent insurance , you have universal life and whole life insurance . Whole life insurance will generally be the most expensive , but provides fixed premiums for life and a consistent build-up of cash value in the policy . Universal life is a flexible program that puts less emphasis on cash value and more on the death benefit . Many people will set up a guaranteed universal life policy -LRB- GUL -RRB- to maximize their death benefit and guarantee the premiums for life . There are other types of life insurance programs out there , but this gives you a brief overview . 