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Affordable Term Life Insurance is affordable and best for young and healthy people who cannot reach the price range of cash-value life insurance. This policy covers a pre determined “term”, usually one. five and ten years. Premium payment and death benefits are only within that period. After the specified time frame, you will ahve the option to continue coverage and have the chance to convert to a cash-value life insurance policy. Affordable Whole Life Insurance will cover you in your lifetime.The death benefit and premium stay the same. However, Affordable Whole Life Insurance will also build cash value and enable you to get a return on a part of your premiums that the insurance provider invested. Your cash value is tax deferred until such time when you withdraw it and you can borrow against that money. Universal Life Insurance is life insurance with savings. The insured gets the benefits of term life insurance and a tax-deferred interest accumulating savings account.