There are two basic types of life insurance plans: Term and Whole Life.
Term life is for your temporary needs, lasting up to 30 years. You may be able to choose coverage for a term of 10, 15, 20 or 30 years.
Term life costs a lot less than whole life insurance because it is temporary and does not build cash value inside the policy.
Whereas, whole life insurance provides lifetime protection and builds cash value inside the policy, from which you may be able to take a loan.
In addition, there are several types of term and whole life policies available.
Learn more about the different types of life insurance policies available.