All life insurance can give you financial confidence that your family will have financial stability in your absence. Generally, the most cost-effective way to buy life insurance is to do it when you are younger and healthier. Not in your twenties anymore? Don’t worry. There are still a lot of affordable options. There are basically two types of life insurance: term life and permanent life. Term life covers you for a fixed amount of time while permanent life insurance covers you until the end of your life.