Life Insurance

Whole life insurance is a permanent insurance. So as long as the premium is paid your coverage cannot be cancelled. The premium on whole life insurance is higher than term and universal due to the fact that your premium never increases over time. The amount you pay is locked in at whatever age you were when the policy went into effect. Whole life also builds cash value that you can either borrow from, have a reduced paid-up policy, or receive if you decide to cancel the policy. 

Term Life Insurance is one of the cheaper option for life insurance due to the face that the coverage will expire at some point. Term Life policies can cover you for 10, 20, or 30 years. Most of the time, these policies are used to cover things like the mortgage or a child's college tuition. These policies have no cash value in them. For an example, a 10 year policy will cover an individual for 10 years at a fixed premium. After the 10 years the policy will expire or the premium will increase to extend the coverage past 10 years. 

Universal Life Insurance is a form of insurance that blends the lower cost of term with the cash value of whole life. Universal Life is considered permanent coverage as long as the premiums are paid, which can increase in the future.