There are many kinds of life insurance, but they generally fall into two categories:

                                Term Insurance  and  Permanent Insurance.

Before you can decide what is best .... let us provide you with a brief explanation of both!

Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (or "term") and only pays a the death benefit if you die during the term. Term insurance provides "level" coverage at a "level" premium for the duration of the term. On renewal of the term, the coverage remains "level", but the premium increases.

This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage. Intially, term insurance may make sense as it allows you to obtain adequate coverage at an affordable premium. Then before the 10 or 20 year term expires, and the premium increases, the term coverage may be converted (changed) to a permanent plan.

In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. when you die. While permanent insurance provides "level" coverage at a level premium, the premium is higher because it is designed to provide coverage for life. 

In addition, to the death benefit, permanent life insurance provides a number of other benefits such as: 

• dividends which may be used to purchase temporary additional coverage;
• the accumulation of cash values which may be used to provide automatic premium loans and/or policy loans;
• reduced paid-up insurance; and
• premium offset wherein the coverage continues but the premium is paid for the life of the policy by the policy dividends..
  

It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals. 

The best way to determine the amount and type of life insurance that makes sense for your particular situation is to meet with an experienced and qualified life insurance professional.