What is life insurance and how does it work?

Key details about life insurance

There are two broad categories — term life insurance, which covers you for a set number of years, and permanent life insurance (whole life, universal life, IUL), which covers you for your entire life and can build cash value over time.

The right type and amount depends on your age, health, income, debts, and what you want the coverage to accomplish, so it's worth discussing your specific goals with a licensed agent before choosing a policy.