There are three different types of life insurance: term, whole and universal, each featuring various benefits. Term life insurance offers you temporary coverage, a death benefit with no cash value and level premiums for a specific number of years — usually 10, 15, 20 or 30 — after which time your coverage ends. Whole life insurance provides permanent coverage and features accumulating cash value from which you can borrow, although doing so may incur surrender charges and decrease your death benefit. Universal life insurance features permanent coverage with a policy cash value and the flexibility to adjust your premium payments and death benefit amount once the policy is in force.