The kind of life insurance you buy is dependent on what you want to accomplish. If you want to invest to have money for your future, life insurance can be a reasonably tax efficient way to save for the future, while providing protection for you and your family should you die prematurely. There are two main types of insurance. One is for temporary debt and is called term insurance, which can be purchased for 10 to 30 years. The other is for final expenses and leaving something for your family and it has an investment portion. This is called whole life or universal life. Term insurance is generally less costly than permanent (whole life) insurance.