Term Life Insurance

ART (Annaul Renewable Term Life insurance) provides you Lowest insurance for 1 year term based on age, health and coverage, the 3 life insurance premium factors.
Pros: Lowest cost of insurance and premium amongst all life insurance products
Cons: Increasing cost of insurance and premium annually

10 yr, 20 yr, 30 yr term provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments and/or conditions.
Pros: Affordable premium than permanent life insurance products
Cons: Increase of premium at the end of the term contract and proof of insurability may be required to renew.

ROP(Return of Premium) 10 yr, 20 yr, 30 yr type of term life insurance policy. The concept is that the policy returns the premiums you have paid for coverage over that fixed term period if coverage is never used.
Pros: Relatively lower premium than permanent life insurance products with return of all premiums paid.
Cons: If policy is cancelled at any time, no money is refunded. Increase of premium at the end of the term contract and proof of insurability may be required to renew.

Permanent Insurance

Whole Life Life insurance policy that remains in force for the insured's whole life and requires (in most cases) premiums to be paid every year into the policy.
Pros: Permanent insurance coverage with guarantee that the policy's cash values will increase regardless of the performance of the company or its experience with death claims
Cons: Relatively higher premium amongst all insurance products

Universal Life Insurance Type of permanent life insurance based on a cash value. That is, the policy is established with the insurer where premium payments above the cost of insurance are credited to the cash value.
Pros: Flexibility on insurance premium as to pay smaller or larger contribution with cash value build up potential
Cons: Inadequate, inconsistent or premature payments could results in policy lapse, leaving you without insurance protection. Interest rates on premium contribution also varies which may cause higher or catch-up premiums and policy lapse.

Index Universal Life Insurance Type of universal life insurance provides a downside guarantee of 1% or less, but receive potentially higher upside interest crediting, based on the performance of an outside stock index (such as the Standard and Poors 500, a.k.a. S&P 500).
Pros: Premium contribution is protected from downturns in the market.
Cons: Limited maximum interest crediting potential of 15% or more. Potential loss of principle due to combination of varying market performance and cost of insurance.

Variable Universal Life Insurance Type of permanent life insurance that builds a cash value. In a VUL, the cash value can be invested in a wide variety of separate accounts, similar to mutual funds, and the choice of which of the available separate accounts to use is entirely up to the contract owner.
Pros: Potential higher rate of return than any other permanent insurance policies based on account investment performance.
Cons: Potential loss of account cash value in separate account and policy lapse based on investment performance in separate account.

Joint Permanent Life Insurance (Multi-Lives Life Insurance)

Joint Universal Life Insurance Universal life insurance that two lives are insured under single policy that death of both insured triggers benefit pay-out. Policy is established with the insurer where premium payments above the cost of insurance are credited to the cash value.
Pros: Flexibility on insurance premium as to pay smaller or larger contribution with cash value build up potential. Lower cost of insurance than single life universal life insurance.
Cons: Inadequate, inconsistent or premature payments could results in policy lapse, leaving you without insurance protection. Interest rates on premium contribution also varies which may cause higher or catch-up premiums and policy lapse. Both insured must be deceased.

Joint Variable Universal Life Insurance Variable universal life insurance that two lives are insured under single policy that death of both insured triggers benefit pay-out. Type of permanent life insurance that builds a cash value. In a VUL, the cash value can be invested in a wide variety of separate accounts, similar to mutual funds, and the choice of which of the available separate accounts to use is entirely up to the contract owner(s).
Pros: Potential higher rate of return than any other permanent insurance policies based on account investment performance. Lower cost of insurance.
Cons: Potential loss of account cash value in separate account and policy lapse based on investment performance in separate account. Both insured must be deceased.