With level term life, your monthly premium will stay the same, no matter how long your policy term is. If you pass away at any point during the policy, your family will receive a set amount of money. For example, if you have a $250,000 policy, your family will receive the full $250,000, whether you’ve been paying premiums for a few years or a few decades.

As the name suggests, decreasing term life insurance provides a guaranteed death benefit that declines the longer you have the plan. Every month or year during the policy, your coverage will lessen a little, leaving a smaller payment for your family at the end of the term. Since these plans have lower premiums than most similar plans, decreasing term life insurance can be ideal for people with specific medical or financial circumstances, like paying off a loan over a set number of years, and anyone looking for temporary coverage.

Mortgage protection life insurance pays the balance of your mortgage after your death. Though your family won’t receive a death benefit payment, they will have the security of a fully paid home.

The opposite of decreasing term, increasing term life insurance coverage and benefits grow every month or year you have the policy. If you’re healthy and plan on making big life changes, such as starting a family or buying a new home, this could be a good option for you.

Renewable term plans allow you to extend your life insurance coverage past its original end date. If you still have significant financial needs when your policy ends, like dependent children or a mortgage, these policies make it easy to ensure that your family’s financial needs are covered. Though the premiums tend to be more expensive than other types of term life insurance, renewable terms can help make sure you have coverage when you need it.

Variable life insurance offers permanent coverage and benefits for your entire life. In addition to offering a death benefit, this type of plan also allows you to build additional savings in a mutual fund-like vehicle. Unlike other types of permanent life insurance, the cash value grows or shrinks depending on the market, instead of gaining a guaranteed amount of interest. If you’re looking for an investment, variable life plans offer higher potential for growth than the average insurance plan, but also tend to be riskier and require more hands-on management.

With a cash value insurance plan, part of what you pay in premiums goes toward a cash value account. This account gains value as the premiums are paid based on a fixed interest rate. You can use these funds in many ways, including paying monthly premiums or as tax-deferred cash for everyday expenses.

Traditional whole life insurance is the most common type of permanent life insurance plan. It’s divided into two parts: a guaranteed death benefit component and a savings component that you can eventually put toward premium payments or withdraw as cash if you don’t need the policy anymore. The plan lasts as long as you pay the premiums, and the account’s value will continue to increase at a steady rate. With whole life insurance, you can feel confident your cash value will increase at a guaranteed rate.

Universal life insurance is a type of permanent life insurance that gives you the freedom to adjust your premium and death benefit amounts as needed, as long as you pay the minimum premium amount. This can help you stay covered, even if your financial situation changes. With universal life plans, the cash value of your insurance may go up and down, but it will always earn at least a minimum rate of interest.

Simplified issue allows you to get coverage based on a short health survey, rather than taking a full medical exam. While the premiums tend to be slightly higher, this can be a good option if you’re looking to get covered quickly.

These insurance plans help you and your family cover end-of-life expenses, including medical bills and funeral costs. They’re usually offered to people above a certain age, generally between 50 and 85. For people who don’t need or don’t qualify for traditional life insurance, final expense insurance can help make sure your family is prepared to handle any final expenses after your death.

For people with serious health issues, guaranteed issue life insurance offers a way to provide financial protection to their family – no matter what. These plans don’t require you to take a medical exam or answer any questions about your health, and the approval process is typically faster than traditional life insurance. While the premiums tend to be higher than other types of life insurance, guaranteed issue life insurance is an ideal option for people who don’t qualify for traditional life insurance.

Group life insurance is typically provided by your employer, often at little or no cost. The coverage amounts tend to be lower than in an individual plan, though, so group life insurance might not provide enough protection for your loved ones. If you change jobs, your group life insurance usually won’t transfer with you, either.

This type of policy covers you and one other person, usually a spouse, paying a guaranteed death benefit to the plan’s beneficiaries after both of you have passed on. With a survivorship policy, you only need to get one plan for both earners in your family, making it ideal for married couples and parents.

Riders are optional benefits you can add to your life insurance plan for an extra cost to customize your coverage around your exact needs. Options include riders to cover some funeral costs and end-of-life medical expenses, pay a benefit if you’re diagnosed with a serious illness or die in an accident, pay your policy premiums if you become disabled, and pay benefits if you need long-term care.