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

The two main types of life insurance policies are categorized as term life insurance and permanent life insurance. Term life insurance provides coverage for a specific period, typically ranging from one year to several decades, and pays a death benefit only if the insured individual passes away during that term. This type is often chosen for its affordability and straightforward nature.

Permanent life insurance, on the other hand, remains in force for the insured's entire lifetime, as long as premiums are paid, and includes various forms such as whole life, universal life, and variable life insurance. This type typically has a cash value component that can grow over time, providing both a death benefit and the opportunity for savings or investment.

Understanding these primary categories helps individuals select the right type of policy based on their financial needs, their family's requirements, and their long-term financial goals. The other options mention specific forms or features of life insurance but do not represent the fundamental distinction between term and permanent insurance.