One is TERM insurance….or TIME insurance if you wish. It covers you for a specific time period. It could be 10 years to 100 years, and the rate is guaranteed not to change for the entire term period.
Simple enough, but what’s the catch? What’s the fine print you always hear about?
The fine print is that the shorter Term policies are fantastic for short time periods but if you need to renew them in 10 or 20 years, they can become very expensive. Sometimes so ridiculously expensive that the person ends up cancelling the policy even though they may still need the coverage to protect their family!