Modified Life- The premium remains low in the beginning years and increases in the later years.
Limited Payment Life- This policy remains in force your whole life but the premiums get paid over a shorter period than other whole life policies. For example, you might pay the premiums for 20 years. The policy is then paid up. The premiums are higher because of this.
Single Premium Whole Life- You pay the premium in one lump sum at the beginning of the period and the policy stays in force for your whole life.
Combination Whole Life Plans- Aspects of term and whole life products are combined in these policies.
Universal Life Insurance- There are many variables in universal life insurance. The accumulated amount is impacted by current interest rates. This impacts the amount of and when the premium is paid. Interest rates are usually changed each year.
Current Assumption Whole Life Insurance- This policy has fixed premiums and fixed death benefits. The cash value growth depends on financial market conditions.
Variable Life Insurance- This policy provides death benefits and cash values that vary according to the investment performance of funds managed by the life insurance company.
Second to Die Life Insurance- Also known as dual life or survivorship insurance, this is primarily an estate planning tool that pays a death benefits only upon the death of the insured who lives the longest. Its purpose is to pay estate taxes upon the death of the second insured.
Because its based on joint life expectancy, the premiums run less than individual policies.