There are three primary types of whole (sometimes called permanent) life insurance policies — traditional, universal, and variable. Each one has its own variations and characteristics to consider before deciding which is right for you.

Term life is more affordable but lasts only for a set period of time. On the other hand, whole life insurance tends to have higher premiums but never expires. Knowing the differences between term and whole life insurance will help you choose a policy that works best for you and your lifestyle.