These are the two basic types of life insurance: Term Life or Whole Life.
Term is temporary coverage lasting for a specific period of time, usually up to thirty years.
Whole life provides lifetime protection as long as you keep paying your premiums on time.
If you outlive the "term" (duration) of your term life insurance policy, the coverage ends with no payout.
If you die during the policy term, the death benefit is paid out to your beneficiary.
Whole life usually costs up to 5-10 times more than term life because it provides lifetime protection and it may build up some cash value inside the policy over time.
Learn more about term life and whole life insurance.