There are two basic types of life insurance - Term Life and Whole Life.
Term insurance is temporary, lasting for up to 30 years, depending on the length of term you choose. Some carriers offer term life insurance 10, 15, 20 or 30 years of protection.
Whereas, whole life insurance provides you with guaranteed lifetime protection, no matter how long you live, as long as your premiums are paid on time.
Term life is much cheaper what whole life because it is temporary and builds no cash value.
While whole life insurance does build some cash value from which you may take a loan in the future.
Keep in mind, you can buy a term policy and a whole life policy to protect your short and long term life insurance needs.
Learn more about term or whole life insurance.