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THERE ARE TWO MAJOR TYPES OF LIFE INSURANCE: TERM AND PERMANENT (ALSO KNOWN AS WHOLE LIFE) Term life insurance only provides coverage during a set timeframe, and typically expires with no cash value. Whole life insurance is just like the name says: good for your whole life, as long as you keep paying the premiums. With permanent life insurance, there's a guaranteed payout at the end, but the trade-off is that it's much more expensive — generally 10 times the price of term. Affordable health insurance plans