In contrast with term insurance, which pays benefits only if the insured dies during a specified period of years, whole life insurance provides for the payment of the policy�s face amount upon the death of the insured, regardless of when death occurs. It is this characteristic�protection for the whole of life�that gives the insurance its name. The expression has no reference to the manner in which the premiums are paid, only to the duration of the protection. If the premiums are to be paid throughout the insured�s lifetime, the insurance is known as ordinary life; if premiums are to be paid only during a specified period, the insurance is designated limited-payment life. Hence there are two principal types of whole life contracts: