There are two main types of life insurance: term life insurance and permanent life insurance. Term life insurance pays a cash benefit to your loved ones (also known as beneficiaries) after the insured's death. The policy's term refers to how long it will last. Typical terms are ten, twenty, or even thirty years.
Permanent life insurance is more expensive, but provides various advantages over term life insurance. The primary difference is it insures you for the rest of your life as long as you make your payments. Many people find it comforting to know that they will always be covered. Permanent life insurance also has the advantage of accumulating cash value over time, which grows tax-deferred, like assets in most retirement and college savings programs. A Comparion agent can help you find the best policy for you.