Two major types of life insurance are on the market. They are permanent and term life insurance. Term insurance provides protection for a specified period of time. These periods are usually five, ten, or twenty years and the policy only pays a benefit if the insured dies during the term of the policy. Permanent insurance, on the other hand, is designed to provide protection for the insured’s entire life. Term insurance premium’s are initially lower than those for permanent policies when purchased at the same age, but increase as the policy matures. Permanent insurance policies generally remain at the same level over the life of the policy. Permanent policies also may accumulate a cash value which can be made available to the policy owner as a loan or upon cancellation of the policy.