Term and Permanent are the top basic types of life insurance plans available.
Term life insurance is temporary coverage lasting up to 30 years, while permanent life provides lifetime protection, as long as you continue to pay your premiums on time.
With term life you can select the duration of your coverage, lasting form 10 to 30 years, usually.
Most life insurers offer term life options of 10, 15, 20, 25 or 30 years of protection.
Term life is pure protection, providing only a death benefit, but no cash value.
However, permanent life insurance builds cash value inside the policy over time, from which you may take a loan, in addition to the death benefit provided by the coverage.
That's why permanent life insurance can cost up to 5-10 times more for the same amount of coverage, compared to pricing for term life insurance policies.
Keep in mind, you may outlive the term life coverage, which means your life insurance would expire.
Learn more about permanent vs term insurance.