There are two basic types of life insurance plans available: Term and Whole.
Term is good for people on a budget or those who need the most life insurance at the lowest price. Or, of those who need coverage for a temporary period of 30 years or less.
Whereas, a whole life insurance policy, also known as permanent life insurance, provides guaranteed lifetime life insurance protection that builds cash value. You may take a loan from your whole life policy from the cash value that builds inside your policy over time.
In addition, you may choose to purchase both types of plans, a term life policy for your short term needs until the kids are grown and the mortgage paid off, and a whole life policy to pay for your final expenses, including the cost of your funeral and burial.
Here's how you can compare the benefits of term life insurance versus whole life insurance