Whole Life Insurance
Also known as permanent life insurance, these policies are intended to stay in force for your whole life, so that it is still in force when death occurs.
The premium paid is split up between charges for the cost of insurance, administrative fees and a cash accumulation fund that grows over time.
This cash value in the policy may be borrowed from or paid to the policyholder (less surrender charges) if the policy is cancelled before the insured dies.
While the premium is most often paid at a level rate for the entire coverage period, other options also allow for payment scheduled to last only a given period (such as 10 or 20 years) or through a certain age (such as 65).
Sometimes a policy will be sold with one single premium, with no additional payments at all.