Settlement options (how the death benefit or annuity is paid out): Lump sum (cash), Interest only (insurer keeps the principal and pays interest), Fixed period (pays for a set number of years), Fixed amount (pays a set dollar amount until the money runs out), Life income (pays for the rest of the payee's life), Joint and survivor (pays until the second of two people dies).

Nonforfeiture options (what a lapsing whole life owner can take instead of losing the cash value): Cash surrender; Reduced paid-up (a smaller permanent policy, no more premiums); Extended term (the full face amount as term insurance for as long as the cash value can buy).

Dividend options (participating policies): Cash; Reduce the premium; Accumulate at interest; One-year term (buys extra term coverage for one year); Paid-up additions (small fully paid policies that add death benefit and cash value).

Universal life death benefit options: Option A (also called Option 1) keeps a level death benefit; Option B (Option 2) pays the face amount plus the cash value.

Whole life premium patterns: Continuous (straight life, pay to age 100 or 121 depending on the policy), Limited pay (for example 10-pay or to age 65), Single premium, Modified premium (lower at first, then higher and level).