There are three basic types of life insurance:  whole life or “permanent insurance” which provides guaranteed cash values and a death benefit for as long as the premiums are paid; universal life offers long-term protection along with a flexible premium structure.  Lastly, term insurance is a temporary protection that pays a death benefit to the name beneficiary if the insured dies during the term of the policy.  Term policies may be renewable at annually increasing premiums or may provide coverage at level premiums for 10, 15, 20 or 30 years.