Term life insurance provides affordable coverage for a set period of time, usually 10-30 years. It offers temporary protection ideal for covering temporary needs like mortgages or getting children through school. Term life premiums are lower since coverage expires after the term. It does not build cash value.

With whole life insurance, you get permanent protection for life as long as premiums are paid. It also builds up cash value that you can borrow against or withdraw. Premiums are more expensive than term insurance since coverage is lifelong. Whole life is ideal if you want lifelong protection plus a savings component.

Universal life insurance is a flexible form of permanent coverage. You can adjust your premium and death benefit amounts along the way to meet changing needs. It provides lifelong protection as long as you continue paying premiums. There is also a savings element you can withdraw if needed.

Accidental death insurance pays out a death benefit if you pass away due to a covered accident. It tends to have lower premiums because coverage is limited to accidental deaths only. Payouts are reduced or excluded for death from illness or natural causes. It provides affordable basic protection.