The cost of a life insurance policy usually depends on the age and health of the person being covered. Most insurance companies have separate rates for smokers and not-smokers with higher rates for the smokers. Whole life insurance, as the name implies, is insurance which provides coverage for the policyholder’s entire lifetime. It has a cash value that the policy holder can borrow against. Term Life Insurance has a fixed rate for a set period of time. The period is often 10, 15, 20, 30 years or more. Once it ends, the cost of the policy can be raised or the policy holder can cancel it. Term life insurance rates are often the lowest of any life insurance policy type.