Different types of insurance will provide protection for different needs.
Usually, you would use permanent life insurance to pay for funeral expenses, estate and capital gain taxes, probate fees, etc. (if all goes well and you live to an age of 60, 70 or older)
You would also want to have some term life insurance, for your temporary needs, to protect your children, mortgage, business, etc. (if something happens sooner than expected)
You can have one or more types of life insurance:
- Term insurance (eg. Term 10, Term 20, Term 30, etc. )
- Permanent insurance (e.g. Whole Life Insurance, Universal Life insurance, Term 100, etc.)
- Both permanent and term life insurance together to provide for your long and short term needs.
You can also change (convert) from term insurance to permanent insurance before age 65 or 70 without any medical questions. Here are the benefits of converting term life insurance to permanent life insurance.