What Are The Types Of Life Insurance Policies? 
Life insurance has two categories : Term and Permanent . Within the Term category is regular Term and Return of Premium Term . Term insurance usually has no cash value and jumps way up in price at the end of the term . The latter , ROP Term , will return a portion of the premiums if the policy is cancelled in its later years . If the Insured person is alive when the term ends , 100 % of the premiums that were paid in will be paid back to the owner of the policy . Permanent Life Insurance includes Whole Life and several types of Universal Life . These policies have a savings feature in addition to the pure protection , that allows them to stay in effect to a very advanced age . The cash value can also be accessed for other purposes while the Insured person is still alive . 