Generally speaking, life insurance can be mainly divided into two groups. Still, the two main categories that are worth mentioning here are term insurance and permanent insurance.
Basically, term insurance deals with non-permanent needs and is for a specific period of time. It meets the temporary needs of the insurance holder. Usually, it pays a benefit in case that the insurance holder dies before the term is concluded. Under term insurance, you can insure things that might disappear shortly, such as covering until you have to pay your debt or until your child has graduated from college.
Apart from term insurance, permanent insurance provides security for a more extended time and almost covers a lifespan. Whole life insurance pays benefits in full-face amount only if the policy demands are being met. These include no withdrawals, paying the premium on time, no loans, and no irregularities. Because whole life insurance is designed to last a lifetime, it accumulates the cash value. It is priced for the insurance holder to keep it for a longer-term. It is pretty impossible to say that whole life insurance (permanent insurance) is the right option for you or term insurance. Because both of these policies depend upon your circumstances and the goals you want to achieve, that is why it is advised to contact a professional whole life insurance provider before deciding anything.