Term Life Insurance
This type of policy protects your loved ones for a specified amount of time. Your named beneficiary receives a death benefit, if you pass away during the time your policy was set up for. Term life is a good option if your responsibilities diminish over time - for example your children are grown or your home is paid off by the end of the term.
Whole Life Insurance
This type of policy gives a guaranteed death benefit for your family, for your entire life time. The premium is fixed for your whole life.