What Is The Difference Between Life Insurance And Term Life Insurance? 
Life insurance is an umbrella term that encompasses the two main types of life insurance : Term Life Insurance and Permanent Life Insurance . Both pay out a death benefit to a beneficiary if the insured person dies . Term Life is limited to that function , and is only in force for a set period , or `` term '' of time . Permanent life insurance has more bells and whistles , and is in for for a lifetime , or `` permanently '' . 