Term life
Insurance that covers you for the duration of the term period – one year, thirty years, until you turn 65, etc. Term policies only pay out a death benefit if you die during the policy term and are usually cheaper than permanent/cash value policies.

Renewable
Allows you to renew without a medical exam.

Convertible
Term life insurance that carries the option to change, or covert, to a permanent policy without a medical exam.
Note: Always look for renewable and convertible term life policies!

Level term life
The premium and death benefit stay the same for the duration of the policy term.

Decreasing term life
The death benefit drops throughout the term of the policy. (It is no longer a widely used policy type.)

Permanent polices are often referred to:

Whole life:
Regular premium payments provide the insured with a death benefit and a savings account, the latter of which earns dividends. It is the most common permanent policy in use.

Universal: A more flexible alternative to the traditional whole life policy, universal life insurance provides both a death benefit and a savings account. The savings account, known as a cash value account, earns money at the market rate of interest. The plan also allows the insured to increase the benefit amount if he/she passes a medical exam, as well as use accumulated account funds to alter or temporarily suspend premium payments in the event of a sudden financial disruption.

Variable: Like a universal policy, variable life insurance provides both a death benefit and a cash value account. With a variable whole life policy, the insured can invest cash value account funds in stocks, bonds and mutual funds, which are susceptible to market fluctuations, both good and bad. If your investment fairs poorly, your benefit and cash value account can decrease, although some companies offer a guarantee that the benefit will not fall below a certain level.