Term life insurance coverage is an inexpensive way to purchase a significant amount of life insurance protection. Premium payments can be guaranteed for a period of 5, 10, 15, 20 or 30 years depending on the insured's age. Term insurance is best used when coverage is needed for a specific period of time.

Universal life insurance is a cash value, permanent life insurance policy that can provide protection for one's lifetime.The premium for this type of policy is more expensive than term insurance; however, the policy can be designed to remain in effect indefinitely.