Insurance that covers you for a specific amount of time—typically 10, 15, or 20 years—for a predetermined dollar amount.
Whole life insurance
A type of permanent life insurance that covers you for your entire life, with fixed premiums, a guaranteed cash value, and a guaranteed payout amount.
Universal life insurance
A type of permanent life insurance that covers you for your entire life, with flexible premiums, a payout amount for beneficiaries, and may build a cash value over time