Which of the following are the two main types of life insurance?

The two main types of life insurance are term life insurance and whole life insurance. Term life insurance provides coverage for a specified period, typically ranging from one to thirty years, and pays out a death benefit if the insured passes away during that term. It is generally more affordable and straightforward, making it a popular choice for those needing coverage for a specific period, like raising children or paying off a mortgage.

Whole life insurance, on the other hand, offers coverage for the entire lifetime of the insured, as long as the premiums are paid. This type of policy not only provides a death benefit but also has a cash value component that accumulates over time, allowing policyholders to take loans against it or withdraw funds.

Term life and whole life insurance each serve different needs and preferences among policyholders, making them the primary categories within life insurance offerings. Other options listed, such as accident insurance and various forms of health insurance, do not fit the traditional classification of life insurance. Similarly, while universal life insurance and variable life insurance are important types of permanent life insurance products, they are specific variations that fall under the broader category of whole life insurance rather than being one of the two main types.