The two common life insurance policies available are Whole Life and Term Life.
Whole life insurance is a type of policy that remains In Force your entire lifetime, as long as you pay the premiums.
Whereas, term life insurance provides temporary protection for a set number of years, but you may be able to renew your policy when the original term expires; however, you pay a higher premium to renew coverage.
Whole life has level premiums and builds cash value inside the policy over time. You may take a loan form the cash value, if needed.
Term life offers the most protection at the lowest price because it is temporary life insurance and has no cash value inside the policy.
Term life usually offers coverage for a term of 10, 15, 20 or 30 years. The longer your term, the higher your annual cost of life insurance.
Learn more about comparing life insurance policies.