Life Insurance 101

Why life insurance? Life insurance isn't a sexy topic. But if you have people depending on you for financial support and daily care, such as children or elderly parents, life insurance is a necessity.

There are two basic types of life insurance: term and permanent. Term insurance is purchased for a set period of time, say 20 years, and it's far cheaper than permanent insurance. Permanent insurance, such as whole life insurance, covers you until the day you die, and as long as you pay your premiums, you will continue to have coverage.

Not every policy is for every person. Here's a look at what's out there, and the advantages and disadvantages of both.