Life insurance comes in two primary types: term and permanent. Term insurance provides coverage for a specific period, offering protection only if the policyholder passes away during that term. It's ideal for short-term financial needs, such as covering obligations like a mortgage or college tuition. Permanent insurance offers lifelong coverage, accumulating cash value over time and guaranteeing a payout as long as premiums are paid. The right type of life insurance depends on individual financial goals and circumstances, and consulting with a licensed professional is essential to determining the best fit.

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