There are two types of plans in life insurance: Term life insurance and whole life insurance.
Term life insurance is a type of life insurance that provides coverage for a specific period of time, typically 10, 20, or 30 years. If the insured person dies during the term of the policy, the beneficiaries will receive a death benefit. If the policyholder does not die during the term, the policy will expire and there will be no death benefit paid.
Whole life insurance is a type of life insurance that provides coverage for the insured person's entire life. The death benefit will be paid to the beneficiaries upon the death of the insured person. Whole life insurance policies also have a cash value component, which grows over time and can be accessed by the policyholder during their lifetime.
