Most life insurance falls in two basic categories: term and permanent. Term lasts for a set period of time, and permanent lasts your entire life.

Category	Term life	Permanent life
Cost	As low as $10/mo	Price varies
Coverage term	10-40 years	Your entire life
In-person medical exam	Sometimes required	Sometimes required
Other benefits that may be available	Conversion to a permanent policy Coverage for children Accidental death benefit	Cash value with tax-deferred growth Ability to take out loans or withdrawals on policy value Accidental death benefit Optional add-ons for long term care coverage (not Accidental death benefit)