What are the different types of life insurance?

Life Insurance - in the event the insured dies the policy pays out a tax free amount to the beneficiary. There are three types:

1. Term Insurance - Insurance coverage for a stated term. This a great way to cover temporary insurance needs.
2. Whole Life - provides permanent coverage with a guaranteed death benefit and level premiums. Plan gains value over time and is subject to investment gains and loses.
3. Universal Life - provides permanent insurance with an optional tax sheltered investment component. Death Benefit can be level or increasing making this an Excellent option for estate preservation and maximization.