Term life insurance, also called temporary insurance, covers a person against death for a limited time, the term. For example, the term might be until the children are grown, or until retirement. You pay for the policy period and at the end of the term, the policy expires. If no claims are made against the policy during the term, you don’t receive any benefits after the policy expires, just like auto or homeowners insurance.

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Whole life insurance, also called permanent insurance, is permanent and does not expire. It provides coverage similar to term life insurance, but it also provides an investment vehicle. A portion of the premium goes for life insurance, while the rest goes into an investment account. 

Paying for life insurance hurts! But few can do without it. The key is to buy life insurance only for losses that you cannot replace, such as your income. 

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