Life Insurance policies are of two major types, categorized on the basis of the duration for which they are applicable, Term Life Insurance Policy and Permanent Life Insurance Policy. Although it can also be categorized according to various factors depending upon the benefits covered or the regulations that are implicit to the policy, they all fall under the above mentioned two broad categories.

Term Life Insurance:

As the name suggests, term life insurances are meant for a specific period of time. Under such a scheme, the person getting insured is liable to pay a fixed sum of money to the insurance provider for the specified period of time. Both the premium amount and the time period of this policy are small. There is a high probability of the insured person to survive the validity period unless he does not die a natural death. The policy can of course be renewed at the approval of the policy holder. The premium amount would be revised according to the current policies of the insurance company.

Term life insurance can further be classified into further sub categories, namely:

Level Term Life Insurance: Under this kind of term insurance, the policy holder selects a time period. He pays premium for that period of time after the attainment of which, the policy matures. The catch with this kind of insurance policy is that it cannot be revoked in the middle of the term.

Group Term Life Insurance: Here, the employer subscribes the insurance policy for his employees. The payment of the premium is done on behalf of the employees by the organization. The individual for whom the policy is brought does not have to go through the maintenance process of it.

For both of these types of term life insurance you can easily get term life insurance quotes on the internet.

Permanent Life Insurance:

This kind of life insurance policy is an expensive one; hence, if you are a salaried person or a middle man, this is not the right kind of insurance for you. The insurance remains valid as long as the premiums for the same are paid duly on time. In case the insurer decides to terminate the policy, the surrender value is refunded. Upon continuation, in case of death, the value is distributed to the dependents of the insurer as per the specifications mentioned in the offer documents.

There exists the usual policies that need the insurers to pay the regular premiums on time but the two policies that are unique in their own selves are as under:

Survivorship Life Insurance: This policy works on the concept of survivorship and is meant for one or more people who wish to have a join life insurance policy. In case one of the members happens to meet his demise, the policy is carried forward by the rest of the members and is payable when the last of the members dies.

Premium Life Insurance: This policy is for those who prefer to pay the premium amount in bulk and in one go. There are no further premiums involved thereby securing the insurer from any future payments. Although secure, the initial premium is hefty and is generally done by people for investment purposes.