Term life insurance
Life insurance coverage for a specified term, such as 10-year coverage.
Permanent life insurance
An umbrella term for several life insurance products with coverage that can remain in effect lifelong.
Common products include:
- Whole life insurance, which provides lifelong coverage and includes a tax-deferred savings component managed by the insurance company
- Universal life insurance, which provides lifelong coverage and includes a tax-deferred investment component you can control
- Term to 100 insurance, which provides coverage to age 100 and typically does not include a savings component