There are two main types of Life Insurance, Term Life Insurance and Whole of Life Insurance.
**Term Life Insurance**
This kind of Life Insurance covers you for a fixed period of time, say 50 years, for example. If you live beyond the 50 year time frame, when the cover has ended, you wouldn’t receive a payout if you died.
The advantages are that it can be tailored to your needs and that it tends to be cheaper.
**Whole of Life Insurance**
This kind of Life Insurance will cover you for your lifetime, you’re guaranteed a payout when you die.
This tends to be more expensive.