What are the main types of life insurance products available for purchase? ' While there are many types and variations of life insurance products available in today’s marketplace, there are basically two types of life insurance: term insurance and permanent insurance. Term life insurance provides death benefit protection for a certain period of time such as one or ten years. Death benefits are paid to the beneficiary only if the insured dies during that term period. Generally, term policies do not build up any cash values   Permanent life insurance can provide death benefit protection for your lifetime and the policy will provide for the build up of a cash value. The cash value may be used in several different ways e.g. you may borrow against the cash value by taking a loan. Permanent insurance includes several different types of policies such as whole life, universal life and variable universal life.
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