There are many types of life insurance policies. However, most fall into two categories:
Term policies provide coverage for a certain length of time, such as 5, 10 or 20 years. If you die during the policy term, your beneficiary can file a claim for the death benefit.
Permanent (whole life) policies typically offer coverage for the rest of your life (as long as you continue to pay for them). Permanent policies can provide death benefits and may also include cash value components. During your lifetime, you may be able to borrow against or withdraw the cash value, as well as use it to pay future policy premiums.
To learn more about the types of protection provided by different types of life insurance, speak to a Flagler agent.