Which of the following are the two main types of life insurance?

Term and whole life insurance represent the two primary categories of life insurance products. Term life insurance provides coverage for a specific period, often referred to as the term, which can be 10, 20, or 30 years. During this period, if the insured passes away, the beneficiary receives a death benefit. However, if the term expires and the insured is still alive, there is no payout or cash value.

Whole life insurance, on the other hand, is a type of permanent life insurance that offers coverage for the insured's entire lifetime, provided premiums are paid. It also builds cash value over time, which can be borrowed against or withdrawn during the policyholder's lifetime. This dual structure of term vs. whole life allows consumers to choose options based on their financial needs and long-term goals, making these the foundational types in life insurance terminology.

The other choices represent different classifications or subsets within the broader life insurance framework or mix life insurance with health coverage, which is distinct from life insurance alone. Understanding the main types helps in making informed decisions regarding life insurance products.