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What are the principal types of life insurance? There are two major types of life insurance�term and whole life Term life insurance information insurance life Whole life is sometimes called permanent life insurance, and it encompasses several subcategories, including traditional whole life, universal life, variable life and variable universal life Term life insurance information insurance life In 2003, about 6 Term life insurance information insurance life4 million individual life insurance policies bought were term and about 7 Term life insurance information insurance life1 million were whole life Term life insurance information insurance life Life insurance products for groups are different from life insurance sold to individuals Term life insurance information insurance life The information below focuses on life insurance sold to individuals Term life insurance information insurance life Term Term Insurance is the simplest form of life insurance Term life insurance information insurance life It pays only if death occurs during the term of the policy, which is usually from one to 30 years Term life insurance information insurance life Most term policies have no other benefit provisions Term life insurance information insurance life There are two basic types of term life insurance policies�level term and decreasing term Term life insurance information insurance life Level term means that the death benefit stays the same throughout the duration of the policy Term life insurance information insurance life Decreasing term means that the death benefit drops, usually in one-year increments, over the course of the policy�s term Term life insurance information insurance life In 2003, virtually all (97 percent) of the term life insurance bought was level term Term life insurance information insurance life For more on the different types of term life insurance, click here Term life insurance information insurance life Whole Life/Permanent Whole life or permanent insurance pays a death benefit whenever you die�even if you live to 100! There are three major types of whole life or permanent life insurance�traditional whole life, universal life, and variable universal life, and there are variations within each type Term life insurance information insurance life In the case of traditional whole life, both the death benefit and the premium are designed to stay the same (level) throughout the life of the policy Term life insurance information insurance life The cost per $1,000 of benefit increases as the insured person ages, and it obviously gets very high when the insured lives to 80 and beyond Term life insurance information insurance life The insurance company could charge a premium that increases each year, but that would make it very hard for most peop