Life insurance that pays a tax-free death benefit in the event of the death of the insured during a specified term. An example would be a $250,000, 15 year level term insurance for $25/month.
A life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid. The policy accumulates cash values which may be withdrawn on a tax advantaged basis.
A specially designed life insurance policy which is guaranteed to remain in force for the insured's entire lifetime that will also accumulate cash values which may be withdrawn on a tax free basis.