There are many different types of Insurance in the market
Term Insurance provides coverage up to a certain age and then terminates. Premiums are usually level for a certain length of time as set out in the contract, usually 10, 20 or 30 years. After each period, the premiums will increase to a new amount and will remain level until the next renewal date. There is also Term to 100. This is a permanent plan that goes for the life of the insured with NO increases in premium, unlike Term 10 , Term 20 or Term 30.
Universal Life Insurance
Universal life insurance offers lifetime coverage - Universal Life insurance is characterized by its flexible premiums, flexible face and death benefit amounts. You can determine within limits the amount of premium you want to pay and the amount of coverage you require. Depending on how the policy is set up, There may be Cash Values in the policy that can be withdrawn later in the policy.
Whole Life Insurance
Whole life insurance, or whole of life assurance, sometimes called "straight life" or "ordinary life," is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. Whole life insurance provides permanent death benefit coverage for the life of the insured. In addition to paying a death benefit, whole life insurance also contains a savings component in which cash value may accumulate on a tax-advantaged basis.