Term Insurance, this is the most basic coverage for a term of one or more years. Benefits will be paid out if you die during that period. Some term insurances can be renewed at the end of the term. The premium rates usually increase with your age at each renewal.
Whole Life Insurance, this gives you a lifelong protection if premiums are paid. 'Whole life insurance' plans generally come with level premiums, which means the premiums do not increase as you age. Life insurance premiums can be paid for a determined number of years, after which protection lasts for the whole of life. Alternatively, premiums can be paid out for the duration of one’s whole life.