{"id":320894,"date":"2025-11-10T15:05:45","date_gmt":"2025-11-10T20:05:45","guid":{"rendered":"https:\/\/www.reviews.com\/?p=135976"},"modified":"2025-11-10T15:05:46","modified_gmt":"2025-11-10T20:05:46","slug":"types-of-policies-2","status":"publish","type":"post","link":"https:\/\/www.reviews.com\/insurance\/life\/types-of-policies-2\/","title":{"rendered":"Types of Life Insurance Policies"},"content":{"rendered":"\n<p>With so many options, choosing the right type of life insurance for your situation can be an overwhelming process. The main policy families differ in guarantees, flexibility, investment risk, and fees. Below, we summarize how each works today, using current 2025 pricing benchmarks and regulatory guidance from sources such as the <a href=\"https:\/\/content.naic.org\">NAIC<\/a> and industry rate trackers.<\/p>\n\n\n\n<ul><li><a href=\"#term\">Term Life Insurance<\/a><\/li><li><a href=\"#whole\">Whole Life Insurance<\/a><\/li><li><a href=\"#universal\">Universal Life Insurance<\/a><\/li><li><a href=\"#guaranteed-universal\">Guaranteed Universal Life Insurance<\/a><\/li><li><a href=\"#variable\">Variable Life Insurance<\/a><\/li><li><a href=\"#variable-universal\">Variable Universal Life Insurance<\/a><\/li><li><a href=\"#no-exam\">No-Exam or Simplified Issue Life Insurance<\/a><\/li><li><a href=\"#final-expense\">Final Expense Life Insurance<\/a><\/li><\/ul>\n\n\n\n<p>This article was created to guide you through these different types of life insurance policies. When comparing your options, remember that life insurance is designed to deliver a generally income\u2011tax\u2011free death benefit to beneficiaries and help stabilize a household\u2019s finances after a loss. For tax treatment details, see the IRS overview of taxable and nontaxable income (<a href=\"https:\/\/www.irs.gov\/publications\/p525\">IRS Publication 525<\/a>). If you still need help deciding which type is best for you, we recommend speaking to an independent insurance agent or financial adviser.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"> Do You Need Life Insurance? <\/h2>\n\n\n\n<p>First, decide whether you have a financial exposure if a wage earner were to die. The <a href=\"https:\/\/www.limra.com\/en\/research\/research-abstracts-public\/2024\/2024-insurance-barometer-study\/\">LIMRA\/Life Happens 2024 Insurance Barometer Study<\/a> finds a persistent protection gap in the U.S. and reports that many households say they would face financial hardship within months after the loss of a wage earner. Focusing on what you can put in place now\u2014rather than on worst\u2011case scenarios\u2014can help you act.<\/p>\n\n\n\n<p>An easy way to decide if you should be considering life insurance is to answer one question: Are there are others who <a href=\"https:\/\/www.reviews.com\/insurance\/life\/do-i-need-life-insurance\/\">financially depend on you<\/a>? If there is a monetary cost that would be needed to compensate for you being gone (lost income, child\u2011care, mortgage or shared debt, final expenses), it\u2019s time to look into coverage. Death benefits are generally excluded from gross income for federal income tax purposes (with exceptions); see <a href=\"https:\/\/www.irs.gov\/publications\/p525\">IRS Publication 525<\/a> for details.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Types of Life Insurance Policies<\/h2>\n\n\n\n<p>Below is a 2025 snapshot of common policy types, with current price ranges, interest\u2011crediting context, and key regulatory notes to help you compare options.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Term life insurance<\/h3>\n\n\n\n<ul><li><strong>Pros:<\/strong> Lowest cost per dollar of coverage; level premiums during the term; often includes a conversion option<\/li><li><strong>Cons:<\/strong> Temporary coverage; no cash value; renewal after the level term is expensive<\/li><li><strong>Good for:<\/strong> Budget\u2011friendly income replacement during working\/child\u2011rearing years<\/li><\/ul>\n\n\n\n<p>Appropriate for most consumers, <a href=\"https:\/\/www.reviews.com\/insurance\/life\/what-is-term-life\/\">term life insurance<\/a> pays a death benefit if death occurs during the selected level term (e.g., 10\u201330 years). A niche variant with a <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.iii.org\/article\/what-are-principal-types-life-insurance\" target=\"_blank\">decreasing death benefit<\/a> exists but is less common. Rates depend on age, sex, smoker status, underwriting class, term length, and coverage amount.<\/p>\n\n\n\n<p>2025 benchmarks for healthy non\u2011smokers (Preferred\/Preferred Plus) illustrate the affordability of level term coverage. Typical monthly premiums for $500,000 of 20\u2011year term are about $14\u201317 (female) and $18\u201323 (male) at age 25; $18\u201322 (female) and $22\u201328 (male) at age 35; $35\u201345 (female) and $50\u201365 (male) at age 45; and $90\u2013110 (female) and $125\u2013155 (male) at age 55, according to market indexes and live brokerage quotes (<a href=\"https:\/\/www.policygenius.com\/life-insurance\/life-insurance-price-index\/\">Policygenius Price Index<\/a>; <a href=\"https:\/\/www.quotacy.com\/term-life-insurance-rates-by-age\/\">Quotacy<\/a>). For $1,000,000 of coverage (20\u2011year term), premiums typically rise by ~1.7\u20132.1x rather than a strict 2x because of banded pricing (<a href=\"https:\/\/www.forbes.com\/advisor\/life-insurance\/average-life-insurance-cost\/\">Forbes Advisor<\/a>; <a href=\"https:\/\/www.valuepenguin.com\">ValuePenguin<\/a>). Choosing a 30\u2011year term often adds ~30\u201360% at younger ages, and carriers generally limit maximum issue ages for longer terms (e.g., many cap 30\u2011year terms around the late 50s); see carrier examples in <a href=\"https:\/\/havenlife.com\/blog\/term-life-insurance-rates-by-age\/\">Haven Life<\/a> and aggregates from <a href=\"https:\/\/www.policygenius.com\/life-insurance\/life-insurance-price-index\/\">Policygenius<\/a>. Smoker rates are several times higher than non\u2011smoker rates at the same age (<a href=\"https:\/\/www.quotacy.com\/term-life-insurance-rates-by-age\/\">Quotacy<\/a>).<\/p>\n\n\n\n<p>If you still need coverage when the term ends, options typically include shopping for a new policy, renewing at a higher post\u2011level rate, or converting to permanent insurance (if your policy allows). Availability and cost tighten with age and health changes. Many insurers cap issue ages for 20\u2011 and 30\u2011year terms and price steeply at older ages; aggregated rate trackers show broadly stable non\u2011smoker pricing into 2025 with normal month\u2011to\u2011month fluctuations (<a href=\"https:\/\/www.policygenius.com\/life-insurance\/life-insurance-price-index\/\">Policygenius<\/a>).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"> Permanent life insurance<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.reviews.com\/insurance\/life\/cash-value\/\">Permanent life insurance<\/a> is intended to stay in force for life if adequately funded. Policies typically have maturity ages between 95 and 121, include a cash value component, and are illustrated under the NAIC Life Insurance Illustrations Model Regulation (<a href=\"https:\/\/www.naic.org\/store\/free\/MDL-582.pdf\">Model #582<\/a>), which standardizes how guaranteed vs. non\u2011guaranteed values are shown to consumers.<\/p>\n\n\n\n<p>Compared to term, permanent policies cost more because they insure you for a lifetime and include policy charges and cash value features. Premium patterns are designed so that you pay more in early years than the current cost of insurance, building value that helps support the policy later. Most permanent designs provide policy loan\/withdrawal provisions; however, loans\/withdrawals can reduce cash value and death benefit and may have tax implications\u2014consult a tax professional and review <a href=\"https:\/\/www.naic.org\/store\/free\/MDL-582.pdf\">Model #582<\/a> illustrations carefully.<\/p>\n\n\n\n<p>There are several common types of permanent life insurance:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Whole life insurance<\/h4>\n\n\n\n<ul><li><strong>Pros:<\/strong> Strong guarantees of premium, cash value schedule, and death benefit; eligible \u201cparticipating\u201d policies can pay non\u2011guaranteed dividends<\/li><li><strong>Cons:<\/strong> Higher premiums and limited premium flexibility compared with UL\/IUL<\/li><li><strong>Good for:<\/strong> Consumers seeking lifetime guarantees and conservative, predictable accumulation<\/li><\/ul>\n\n\n\n<p><a href=\"https:\/\/www.reviews.com\/insurance\/life\/what-is-whole-life\/\">Whole life insurance<\/a> provides guaranteed level premiums, a guaranteed death benefit, and a guaranteed cash value schedule. Participating policies may credit non\u2011guaranteed dividends based on insurer experience; dividends can change and are not assured. Policies allow loans against cash value; outstanding loans\/interest reduce benefits.<\/p>\n\n\n\n<p>Because of its guarantee structure, whole life is often used for permanent needs (legacy, final expenses, special\u2011needs planning) or as a conservative component within a broader plan. Assess guaranteed vs. non\u2011guaranteed columns in your illustration (<a href=\"https:\/\/www.naic.org\/store\/free\/MDL-582.pdf\">NAIC Model #582<\/a>).<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"> Universal life insurance <\/h4>\n\n\n\n<ul><li><strong>Pros:<\/strong> Flexible premiums and adjustable death benefit; improved current crediting environment vs. 2020\u20132021; IUL variants often feature a 0% floor on index segments<\/li><li><strong>Cons:<\/strong> Non\u2011guaranteed crediting can reset; underfunding can lead to lapse or require higher future premiums<\/li><li><strong>Good for:<\/strong> People seeking lifetime coverage with flexibility and either fixed or index\u2011linked crediting<\/li><\/ul>\n\n\n\n<p><a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.iii.org\/article\/what-are-different-types-permanent-life-insurance-policies\" target=\"_blank\">Universal life insurance<\/a> credits interest to cash value based on either a declared rate (current\u2011assumption UL) or an external index formula (IUL). Since market interest rates rose sharply from 2022 and the 10\u2011year U.S. Treasury yield hovered at elevated levels after peaking near 5% in Oct 2023, insurers\u2019 portfolio yields and net investment income increased, enabling higher UL fixed\u2011account crediting and better IUL caps\/participation rates than in the low\u2011rate era (<a href=\"https:\/\/fred.stlouisfed.org\/series\/DGS10\">FRED: 10\u2011Year Treasury<\/a>; <a href=\"https:\/\/content.naic.org\">NAIC Capital Markets<\/a>; <a href=\"https:\/\/www.milliman.com\">Milliman<\/a>). Illustration guardrails for IUL were tightened via NAIC AG 49 revisions to curb overly aggressive projections (<a href=\"https:\/\/content.naic.org\">NAIC AG 49 updates<\/a>).<\/p>\n\n\n\n<p>UL lets you vary premiums and adjust the death benefit within policy limits. During financial stress, you can draw on cash value to cover charges, but doing so risks lapse if value depletes. Performance remains sensitive to credited rates, caps\/spreads, policy charges, and funding; obtain updated in\u2011force illustrations and test lower\u2011rate scenarios (<a href=\"https:\/\/content.naic.org\">NAIC<\/a>).<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Guaranteed universal life insurance<\/h4>\n\n\n\n<ul><li><strong>Pros:<\/strong> Typically lower guaranteed premiums for lifetime death benefit compared with whole life<\/li><li><strong>Cons:<\/strong> Little to no cash value; flexibility is focused on guarantee structure<\/li><li><strong>Good for:<\/strong> People who want lifelong coverage at the lowest guaranteed cost without an accumulation focus&nbsp;<\/li><\/ul>\n\n\n\n<p><a href=\"https:\/\/www.policygenius.com\/life-insurance\/whole-life-insurance-vs-universal-life-insurance-vs-guaranteed-universal\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Guaranteed universal life<\/a> (GUL\/ULSG) emphasizes a guaranteed death benefit to a target age (often to age 90\/95\/121) with minimal cash value. It blends term\u2011like simplicity with lifetime guarantees; in exchange for lower cost vs. cash\u2011value\u2011heavy designs, you give up meaningful accumulation.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Variable life insurance<\/h4>\n\n\n\n<ul><li><strong>Pros:<\/strong> Market\u2011linked growth potential inside tax\u2011deferred policy structure; flexible features in some designs<\/li><li><strong>Cons:<\/strong> Investment risk to cash value (and potentially death benefit depending on option); layered fees (M&amp;E, admin, subaccount expenses)<\/li><li><strong>Good for:<\/strong> Investors comfortable with market volatility who will review costs, risks, and objectives<\/li><\/ul>\n\n\n\n<p><a href=\"https:\/\/www.investopedia.com\/ask\/answers\/08\/variable-life-insurance.asp\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Variable life insurance<\/a> places cash value in separate account subaccounts that fluctuate with the market. Because variable life is a securities product, sales require delivery of a prospectus, and communications are overseen by the SEC\/FINRA; investors should understand objectives, risks, charges (including mortality &amp; expense risk fees and fund expenses), and surrender periods (<a href=\"https:\/\/www.finra.org\">FINRA<\/a>). While gains grow tax\u2011deferred, poor market performance can erode cash value and may necessitate higher premiums to keep coverage in force.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Variable-universal life insurance<\/h4>\n\n\n\n<ul><li><strong>Pros:<\/strong> Flexible premiums and death benefit with broad investment menu; tax\u2011deferred accumulation potential<\/li><li><strong>Cons:<\/strong> Higher risk and complexity; securities prospectus required; multiple fee layers and possible surrender charges&nbsp;<\/li><li><strong>Good for:<\/strong> People looking for maximum flexibility and willing to manage market risk and ongoing costs<\/li><\/ul>\n\n\n\n<p><a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.iii.org\/article\/what-are-different-types-permanent-life-insurance-policies\" target=\"_blank\">Variable-universal life insurance<\/a> combines UL\u2019s flexible funding with variable life\u2019s separate account investments. Suitability hinges on tolerance for market volatility, understanding of fee layers (M&amp;E, admin, and subaccount expenses), and long\u2011term funding discipline; review the statutory prospectus and compare guaranteed vs. non\u2011guaranteed elements per <a href=\"https:\/\/www.naic.org\/store\/free\/MDL-582.pdf\">NAIC Model #582<\/a> and <a href=\"https:\/\/www.finra.org\">FINRA<\/a> guidance.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">No-exam or simplified issue<\/h3>\n\n\n\n<ul><li><strong>Pros:<\/strong> Faster decisions and convenient e\u2011applications; many accelerated programs offer competitive pricing for well\u2011qualified risks<\/li><li><strong>Cons:<\/strong> Lower face\u2011amount limits for simplified\/guaranteed issue; higher cost per dollar of coverage; cases can be routed to full underwriting<\/li><li><strong>Good for:<\/strong> People prioritizing speed\/convenience or with health histories that fit defined non\u2011medical criteria<\/li><\/ul>\n\n\n\n<p><a href=\"https:\/\/www.reviews.com\/insurance\/life\/no-exam-life-insurance\/\">No-exam or simplified issue life insurance<\/a> spans three approaches. Accelerated underwriting (AU) uses data (e.g., Rx history, MIB, MVR, and increasingly EHRs) to approve qualified applicants without labs\/exam, often up to low\u2011seven\u2011figure face amounts depending on age\/class; if data suggest elevated risk or are inconsistent, the case is referred to traditional labs\/exam (<a href=\"https:\/\/www.soa.org\/research\/topics\/accelerated-underwriting\/\">Society of Actuaries<\/a>; <a href=\"https:\/\/content.naic.org\">NAIC consumer alert<\/a>; <a href=\"https:\/\/risk.lexisnexis.com\">LexisNexis 2024 Trends<\/a>). Simplified\u2011issue policies rely on health questions and database checks with lower face amounts and higher premiums per dollar than fully underwritten. Guaranteed\u2011issue policies ask no health questions but typically include a graded death benefit for non\u2011accidental death during the first 2\u20133 years. Expect higher costs for smokers and for applicants with significant conditions; providing complete and accurate information helps avoid AU referrals or adverse actions (SOA; NAIC; LexisNexis).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Final expense life insurance<\/h3>\n\n\n\n<ul><li><strong>Pros:<\/strong> Small permanent policies with level premiums; simplified underwriting with quick decisions<\/li><li><strong>Cons:<\/strong> Higher cost per dollar of coverage; guaranteed\u2011issue designs usually have a graded waiting period<\/li><li><strong>Good for:<\/strong> Someone who doesn\u2019t need full coverage but wants to cover funeral\/burial costs and small debts<\/li><\/ul>\n\n\n\n<p><a href=\"https:\/\/www.insurance.com\/life-insurance\/coverage\/final-expense-insurance.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Final expense life insurance<\/a> is usually whole life with modest face amounts. Simplified\u2011issue options commonly range from roughly $2,000\u2013$40,000 with typical issue ages around 45\u201385; guaranteed\u2011issue versions often accept ages ~50\u201380 with smaller maximums (often up to about $25,000) and a graded benefit for non\u2011accidental death in the first 2\u20133 years. These features and trade\u2011offs are outlined by the Insurance Information Institute (<a href=\"https:\/\/www.iii.org\/article\/final-expense-insurance\">III<\/a>). To estimate needs, note that funeral\u2011related prices have trended higher over time per the Bureau of Labor Statistics\u2019 funeral expenses CPI (<a href=\"https:\/\/www.bls.gov\/cpi\/factsheets\/funeral-expenses.htm\">BLS<\/a>). Potential offsets include veterans\u2019 burial allowances (<a href=\"https:\/\/www.va.gov\/burials-memorials\/veterans-burial-allowance\/\">VA<\/a>) and Social Security\u2019s one\u2011time $255 lump\u2011sum death payment for eligible survivors (<a href=\"https:\/\/www.ssa.gov\/benefits\/survivors\/lsdps.html\">SSA<\/a>). Consider portability and transparency if evaluating preneed contracts; the FTC is moving to modernize the Funeral Rule to enhance price disclosure (<a href=\"https:\/\/www.ftc.gov\">FTC<\/a>).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What\u2019s Next?<\/h2>\n\n\n\n<ul><li>Interested in finding a term life insurance policy? Read our review of the <a href=\"https:\/\/www.reviews.com\/insurance\/life\/best-term\/\">best term life insurance companies<\/a>.<\/li><li>Ready to search for whole life insurance coverage? Check out our review of the <a href=\"https:\/\/www.reviews.com\/insurance\/life\/best-whole\/\">best whole life insurance companies<\/a>.<\/li><li>Looking for more information on common additional life insurance coverages? Find out <a href=\"https:\/\/www.reviews.com\/insurance\/life\/riders\/\">what to know about life insurance riders<\/a>.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>With so many options, choosing the right type of life insurance for your situation can be an overwhelming process. The main policy families differ in guarantees, flexibility, investment risk, and fees. Below, we summarize how each works today, using current 2025 pricing benchmarks and regulatory guidance from sources such as the NAIC and industry rate [&hellip;]<\/p>\n","protected":false},"author":345,"featured_media":135978,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1270],"tags":[],"post_author":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Types of Life Insurance Policies - Reviews.com<\/title>\n<meta name=\"description\" content=\"A guide to the Types of Life Insurance Policies\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.reviews.com\/insurance\/life\/types-of-policies-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Types of Life Insurance Policies - 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