There are many kinds of life insurance policies, but they generally fall into one of the following two categories:
1. Term life insurance usually lasts anywhere from one to 30 years and will only pay out if the death occurs while the policy is still in place. While these types of policies have expiration dates, they are often renewable.
2. Permanent life insurance pays a death benefit whenever the policyholder dies. It usually includes a cash value component and does not expire unless the policy holder stops making payments and.