The two main types of life insurance are term life and permanent life. Just as the names imply, a term life policy is only for a certain period, while a permanent life policy is good for the policyholder's lifetime.
Term life is more popular with young people who don't have children because it's more affordable. But permanent life costs a little more for families to provide extensive coverage. A permanent plan provides a death benefit and cash value, while a term plan only provides a death benefit and doesn't include cash value that allows for withdrawals.