A whole life policy gives you lifetime coverage and comes with a cash value component. However, there are different types of whole life policies that primarily differ by how you pay for the policy.

Here are the different types of whole life insurance policies you may come across.

Level premium (or level payment) whole life insurance

With level premium whole life insurance, you pay the same payment over the duration of the entire policy. Some find this type of policy easier to budget for because the payments don’t change. It is also considered the most common form of whole life insurance.

Limited payment whole life insurance

This type of whole life insurance allows you to only pay premiums for a set amount of time, instead of your entire life (as you would with a level premium policy). The time period will be set by the specific policy – either a certain number of years, or until the policyholder reaches a certain age. Given that the premiums are paid for a limited period, the monthly payments are higher than a level premium policy.

Single premium whole life insurance

A single premium policy means you pay for your policy in one lump sum instead of in monthly installments. It can be difficult for most people to pay enough money up-front for sufficient coverage, according to Forbes. You may not be able to pay more money toward the policy after the initial payment, either. You can, however, use the cash value as you would with any other whole life policy.

Joint life insurance

Joint life insurance is often sold to couples who want to be covered individually under a single policy. There are typically two payout options: if one person passes, the other receives the death benefit, or the payout is given to a beneficiary after both policyholders pass.