If you are reading this, then most likely you are looking to protect your family with an appropriate Life Insurance solution. And you must be wondering what kind of insurance should I get. So here is a quick rundown of what's out there.

There are basically two types of Life Insurance:

1. Term Life Insurance:  This is the most common type of Life Insurance. This insurance covers you for a fixed period of time depending on the policy you purchase, as long as you pay the premiums. This type of policy does not accrue any cash value, i.e you do not get any money from the policy if you surrender or cancel it, and you are not bound by any commitment, you can cancel anytime. Most Term Insurance policies expire worthless as the insured person outlives the term, however, their chances of suffering a severe illness during that time cannot be ruled out. This is where "Living Benefits" a rider built into some policies can be very useful.

2. Cash Value Life Insurance: Cash Value Life Insurance is also commonly known by other names as Whole Life Insurance, Universal Life and Indexed Universal Life (IUL)