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Different Types of Life Insurance  What are the types of Life Insurance? Life insurance can be divided into two main types: 1. Term and permanent life insurance 2. Cash value life insurance.  Term life insurance policies only gives you coverage for a certain period of time, such as for a period of 20 years whereas Permanent policies are sold primarily as either universal or whole life insurance; Permanent policies are designed to offer coverage for the duration of your natural life that is till your death. What is Term Life Insurance? Term life insurance is the most inexperienced type of life insurance coverage. Most people like it  because it is not designed to last into old age. Most term life policies last between 10 and 30 years of an insurer. The best term life insurance policies offer reasonably priced coverage. Before the term policy expires, it can be converted into permanent that's why this is called convertible term life insurance. The advantage of buying convertible te