What Are The Different Types Of Life Insurance Policies? 
Life Insurance Policies come in two product categories : Term or Permanent . Term life insurance can be purchased with simplified or full underwriting . It can offer annual renewable or guaranteed level coverage periods like 5 , 10 , 15 , 20 , 30 and a few at 40 year . -LRB- The longer the coverage period the more age becomes a factor and based on age , companies limit the length of coverage . -RRB- Some term life insurance includes convertibility clauses to extend coverage and offer living benefits either embedded in the policy or as an additional rider . Permanent life insurance has three types : Participating whole life , guaranteed universal life and current assumption universal life that uses interest rates , indices or separate sub accounts as crediting methods . 