There are many different types of life insurance, but the two main types are term life and whole life. Term life insurance is the most simple and affordable option. Term life insurance is also the most basic type of life insurance. When you buy term life insurance, you pay an annual premium to protect yourself for a certain time.
The next most common is whole life insurance which is like a savings account with a death benefit. Whole life insurance is a whole package. It comes with a savings component, an investment component, and a death benefit. It’s usually the most expensive type of life insurance.