The Whole Life Insurance policy is a kind of life insurance policy that will be active till the insurer’s full life. The insurer has to pay the premium amount on yearly basis into the policy. There is much type of policies in whole life insurance. The death benefit and the premium paid in most of the policies are same. The whole life insurance policy is a good policy since it has a tax saving option to the customers. It gives guarantee of minimum rate of returns to the insurer. The Universal Life Insurance policy is very flexible and permanent life insurance policy. The will offer the low cost security to the terms life insurance and the whole life insurance. This will enable to build the cash value to a higher rate by the insurer. The insurer will the advantage of the money invested into it between the saving insurance account and the whole life insurance policy. The interest accumulated out of this Universal life insurance policy will enable the insurer to pay premiums. The Term Life Insurance is a more affordable one. It is type of life insurance policy, which provides the insurance coverage for certain period. The premium should be paid till such stipulated limited period. On completion of the limited period, the insurer can claim the amount or he can continue to pay annual premiums to make more coverage.