Write one to two paragraphs about the readings. Do not simply write what you read. Rather, you should write something thoughtful. How does it apply to you? To business? To society? I leave it relatively open, to help you absorb the material and develop critical thinking skills. Characteristics of Whole Life Insurance Life insurance is insurance you purchase that provides money to your beneficiaries in the event of your death. It is classified as either term insurance, which provides coverage for a set amount of time, or whole life insurance, which according to Smart Money is “a term policy with an investment component." There are 4 types of whole life insurance policies: traditional, universal, variable, and variable universal. All four have similarities. They protect you for your entire life and build cash value over time, but they also have several differences.