There are two main types of life insurance: term life insurance and permanent life insurance.

Term life insurance provides coverage for a specific period of time, such as 10, 20, or 30 years. This type of policy is generally more affordable than permanent life insurance, and it’s a good option if you only need coverage for a specific period of time, such as while your children are young or while you’re paying off a mortgage.

Permanent life insurance, on the other hand, provides coverage for your entire lifetime. This type of policy is generally more expensive than term life insurance, but it also has a cash value component that can grow over time. Some people choose permanent life insurance as an investment or estate planning tool, as the cash value can be borrowed against or used to pay premiums later in life.

Within each type of life insurance, there are also many different variations and options available. For example, you may be able to choose between level term insurance, which provides a fixed death benefit throughout the term of the policy, or decreasing term insurance, which provides a decreasing death benefit over time.