The two basic types of life insurance plans are term life and whole life.
Term life insurance is temporary coverage for a specific period of time, usually from 1 to 30 years.
Most insurance companies offer term life for a term of 10, 15, 20 or 30 years.
Since term life is temporary it costs a lot less than whole life insurance.
Whole life insurance provides lifetime life insurance protection and may build up some cash value inside your life insurance policy from which you may take a loan.
Learn more about the benefits of whole life versus term life insurance.