These policies are usually the cheapest option. They last for a specific amount of time, then end. They’re great for protecting assets (like a mortgage) for a specific period of time.

These policies are with you for your entire life (or at least to age 100). They come in a variety of options, but in the end they generally are there for life and build cash value. This is more like something you own, while a Term policy is more like something you rent.

In America, most people pass away due to heart related issues, cancer, or accidents. Get coverage that will help you pay the bills if you are diagnosed and still living with a critical illness. These are available as one-off policies or included in a Term or Whole life policy.