Group vs. individual: group coverage is one master policy issued to an employer or association, and each covered person receives a certificate of insurance. Individual coverage is underwritten and issued person by person.

Permanent vs. term: permanent insurance (whole life, UL, VUL) lasts for life and builds cash value. Term is pure protection for a set period, with no cash value.

Participating vs. non-participating: a participating (par) policy shares in the insurer's divisible surplus through policy dividends. Par policies are typically issued by mutual insurers, non-par policies by stock insurers.

Fixed vs. variable: fixed products have guaranteed values. Variable products invest in a separate account, so values move with the market. Selling variable products requires securities registration with FINRA in addition to the life license.