The Two MAIN Types of Insurances:
Term
Term insurance is known to be a little less complex than whole-term insurance policies (or permanent). The policy beneficiary is only paid if death occurs during the active term, typically between 1 and 30 years.
Permanent/Whole
Whole life insurance is broken down into 3 main categories: traditional, universal and variable. All of these categories hold, without worry of an “active-term”.