Term life insurance offers fixed, level premiums and a guaranteed death benefit for a set period—commonly 10, 20, or 30 years. Shorter terms like 10 years are the most affordable, ideal for covering temporary debts or providing income protection for young families. Twenty-year terms balance cost and duration, often matching mortgage timelines or college funding goals, while 30-year terms lock in rates into your 50s or 60s, protecting against age-related premium hikes. All term policies have predictable payments, no cash value, and the option to add riders or convert to permanent coverage. The best rates go to younger, healthier buyers.

Whole life insurance provides lifelong coverage with level premiums and a guaranteed death benefit. Part of each payment builds a tax-deferred cash value you can borrow against or withdraw for emergencies, retirement, or education. Some policies also pay dividends, which can increase cash value, buy paid-up additions, or reduce premiums. Customizable riders, such as waiver of premium or accelerated death benefit, enhance flexibility. While more expensive than term upfront, whole life suits those wanting permanent protection, built-in savings, and estate-planning advantages.