The main types of life insurance include: Term Life Insurance: Provides coverage for a specific term, typically 10, 20, or 30 years. Pays out a death benefit if the insured individual passes away during the policy term. Typically more affordable than permanent life insurance. Commonly used to provide financial protection for a specific period, such as until a mortgage is paid off or until children are financially independent. Whole Life Insurance: Provides lifelong coverage as long as premiums are paid. Builds cash value over time, which can be borrowed against or withdrawn. Premiums are generally higher than term life insurance but remain level throughout the policyholder’s life. Universal Life Insurance: Offers flexible premium payments and an adjustable death benefit. Accumulates cash value that can be invested in various sub-accounts. Policyholders can change the amount and timing of premium payments, within certain limits.