Term insurance offers the greatest coverage for the lowest initial premium. It’s a great solution for people with temporary needs or a limited budget. Term last for a specific, pre-set period of time (10 Year Term, 15 Year Term, 20 Year Term and more), increasing in cost at the end of each term before ultimately expiring (typically expiry is age 70 to age 85 depending on the company)
Permanent insurance will last your entire life time. It is usually more expensive than term, but it makes more sense if you are looking for lifelong protection. Permanent insurance can offer cash values, death benefit increases and many more benefits over traditional term insurance.