| A | B |
|---|
| term insurance | A type of insurance that provides coverage for a specific period of time with no investment benefits. |
| convertible term | The insured person can change the policy from convertible to permanent without taking a physical, tends to be more expensive. |
| decreasing term | Premiums stay the same but the benefits decrease over the life of the policy. |
| level term | Premiums and death benefits stay the same for the life of the policy. |
| limited payment life | Coverage for entire life but premiums are higher than whole life because premiums are paid for a set number of years or until a set age. |
| permanent life | (also called cash value life insurance) provides coverage the person's entire life and includes an investment component |
| renewable term | The insured person can renew the policy without taking a physical. |
| universal life | Allows adjustments of premium, face value, and level of protection. |
| variable life | Premiums are fixed, but face amount varies with investment results. |
| whole life insurance | A type of insurance that provides coverage for a whole lifetime and grows in face value as premiums and cash accumulate. |
