Two Primary Types of Term Life Insurance
1. Level Term Insurance- in this type of insurance, the amount covered for the specified term of the insurance policy is constant. This type of Term Life Insurance is for those people who know the specific time they will need the insurance coverage. Most common is for the college education of their children.
2. Scheduled Term Insurance- the amount of coverage of this type of insurance is decreasing every year for the whole duration of the plan. It is considered by people who are already covered with a basic life insurance and yet would want to have another insurance to cover other financial obligations.