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Bobby,
it depends on what your needs are for life insurance. They are two basic types (and several varieties of each) that provides different type of protection.
Term insurance is purchased for a limited time and is not intended to renew. You choose the amount and length of the policy. The premium is normally fixed for the term that you choose. Once the term expires, most let the insurance lapse as it becomes very expensive to renew.
Whole life on the other hand, it what it infers. Insurance for the rest of your life. It will pay a benefit upon your death. This is also called permanent insurance. It will probably be far more expensive that the same benefit as term.
We normally recommend term insurance for young families that have significant obligations during the child rearing years. Other than business perpetuation and some very large estate issues, I am not sure what the need is for life insurance as we get older. Each case can be different for instance, if you're supporting grandchildren, etc.
Best to sit down with an insurance pro that will explain your options that is looking for your interests rather than just earning a buck. That discussion must include identify your needs. PM me if I can be of further help.
Ken
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