Whole Life, Term, GUL (Whole Life – whole life insurance also known as permanent life insurance provides protection for your family and beneficiaries after you pass away. Many whole life policies offer an investment option also known as cash value which may be withdrawn for other investments, college education and any unforeseen expenses.) (Term insurance – Term insurance is the most affordable and basic kind of insurance that protects your family. Term insurance comes in fixed lengths of time (5, 10, 15, 20, or even 30 year term). As long as you pay, you cannot be canceled. Term Life Insurance can be purchased for as little as a dollar per day.) (GUL – GUL also known as guaranteed universal life insurance is a mix between term insurance and whole life insurance. GUL does not typically have the cash value portion which makes this policy more affordable than a whole life policy but because it typically insures the individual for a longer period than term insurance (typically up to age 100) it is more costly than term insurance.