Level Term Life Insurance
Term life insurance provides life insurance coverage for a specific time period (term). It is often referred to as temporary insurance or pure insurance. The death benefit (face amount) of the policy is paid if you die during the term of the policy. When you live longer than the term of the insurance coverage, nothing is paid. Usually the cheapest form of life insurance - low cost for large death benefit (at least in younger years of life)
ROP (Return Of Premium) Term Life Insurance
Return of Premium Term Life– Same concept as above, except if you are still alive when the term period ends, the insurance company will return all the premiums to you WITHOUT any interest. There is a significant additional cost for this feature.