1. Term Life Insurance: Simple, Cheap, and Temporary

Term life is exactly what it sounds like—coverage for a fixed period, like 10, 20, or 30 years. If you die during that time, your beneficiary gets the payout. If you outlive the term, the policy expires and you walk away with nothing. But the upside? It’s super affordable, especially if you’re young and healthy. It’s perfect for people who want coverage during key life stages—like raising kids or paying off a mortgage.

2. Whole Life Insurance: Lasts Forever, Costs a Lot More

Whole life doesn’t expire. As long as you pay your premiums, you’re covered for life.