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Life insurance policies can be complicated at best, unintelligible at worst. A lot of people don’t pay much attention to them because they get free or low-cost coverage through their employer. However, it is still advisable to get your own insurance to be on the safe side. To get one started, it would be important to know the two basic types of life insurance: Term and Whole
A useful analogy to explain the difference is buying versus renting. With term life insurance, you’re renting. It’s never really yours, and eventually your lease is up.
In contrast, you own a whole life insurance policy, because the original policy amount must be returned to you. The monthly premiums are higher, but the money goes into a fund that grows over time.
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