Term Life... Low Cost Premiums remain level for 10, 15, 20, 25, 30 years.

Whole Life... Premiums remain level for life. Creates increasing cash values. Pays dividends that can lower premiums or buy additional life insurance.

Universal Life... A flexible premium, adjustible benefit policy that also creates cash values. Some uses: a college education, prepay a mortgage, retirement income etc.

Variable Universal Life... Same as Universal Life, except that the cash values can be invested in up to 35 variable investment options. Some examples: Government Securities Fund, Growth and Income Fund, Growth Fund, International Fund.