What’s the difference between term and permanent life insurance?

Buying life insurance now provides a financial safety net for your dependents later if you’re not around to take care of them. After you’re gone, your family can use the proceeds to cover funeral costs, mortgage payments, college tuition and other expenses.

There are two main types of life insurance: term and permanent.
1) Term life insurance is the easiest to understand and has the lowest prices.
2) Permanent life insurance is more complex and tends to cost more than term, but it offers additional benefits. Whole life is the most well-known and simplest form of permanent life insurance.