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Term The simplest form of life insurance, this policy pays a specific lump sum to beneficiaries upon the death of the insured Whole Sometimes called ordinary life; this policy has a fixed guarantee rate as well as a cash value that can be drawn on when the policy matures Variable Universal This policy combines premium and death benefit flexibility of universal life with the investment flexibility and risk of variable life Universal This policy allows the policy owner to change the death benefit, premium and payment frequency throughout the policy period. Variable The owner of this policy gets to determine the portfolio investments and the death benefit and cash value are not guaranteed