Term Insurance

Lower premiums than Cash Value policies for younger age subscribers.  This is because there is no cash value build-up; so, there is no means of even returning your premiums.  Term insurance is like paying rent; whereas, a cash value policy (ie. Universal life or Whole life) is like owning your home, where there is some equity build-up.  In later life, term insurance rates rise to very high and uneconomical amounts for most subscribers.

There is Annual Renewable Term, where the premium rises each year, and Level Term, where the premium remains level for a specified duration (ie. 5, 10, 15, 20 years).

Universal Life.

Endowment Plans = The Cash Value, or Surrender Value, building to Equal the Face Amount of the Policy by age 100.  A Portion of this relatively High Cash Value can be borrowed out Tax-Free to use as Retirement Benefits without collapsing the policy, or losing the death benefit.

Zero-Out  Cash Value Plans = Reducing the Cash Value and the Face Amount of the Policy  (the Death Benefit) to Zero at some specified age younger than 100.  This is a strategy to Reduce premiums (cost) from those higher amounts required to Endow the policy.  The policyholder may be more interested in the Death Benefit lasting for a realistic age that he/she may live than in paying up for higher cash value, which is totally surrendered (or given back) at death when the death benefit is paid.