Variable life, Term life and Universal life.

Variable life insurance is a type of permanent life insurance policy in which the value of the policy depends on the performance of an underlying financial investment. This means that while one’s premium payments remain constant throughout the policy; their death benefits can vary from year to year depending on how well (or poorly) those investments perform.

Term Life Insurance is a type of life insurance policy designed to provide coverage for a specific period of time, usually between 10 and 30 years, after which it becomes void if not renewed. It pays out only when death occurs within this specified ‘term’ period, hence why it is referred to as term-life insurance. The premiums for these types of policies are usually cheaper than other kinds but they do not build up any cash value over time.

Universal Life Insurance is another type of permanent life insurance policy that provides both protection and savings benefits by combining flexible premiums with an investment account that grows tax free over time. Unlike variable policies though; universal policies provide guaranteed minimum interest rates regardless of market conditions making them more secure and less risky than variable policies. These types of policies also allow one to adjust their coverage amount according to their changing needs whilst still keeping premiums at lower levels compared to traditional whole-life plans.