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Finding the right insurance to invest in – or use for long-term planning – can be complicated for many investors.

Similar to an auto policy, a term life insurance is a temporary policy many individuals use to cover themselves for a period of time and then it expires. Typically it has a lower premium and considered more affordable than permanent life insurance. Many are convertible where the initial plan can be renewed for a higher premium for another term plan or converted into whole insurance.

There are several types of permanent life insurance but all cover individuals for the rest of their lives and include a cash value component.

Whole life insurance has steady, more expensive premiums than term insurance since it lasts a lifetime and includes fixed death benefits and guaranteed cash value accumulation.

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