All life insurance policies are not the same. Some cover you for your lifetime and others cover you for a specified period of time. Some build cash values and some do not. There are also policies that combine different types of insurance or let you change from one kind to another. There are also policies that may offer benefits, such as a monthly income, while you are still living.
There are basically two types of life insurance: term insurance and cash value insurance. For the most part, you will pay less for term insurance in the early years, but it is not considered an asset because it doesn't build cash value that you can borrow against or otherwise use. Term premiums pay for death benefits. Cash value insurance generally has a higher premium because it pays for the term insurance and the remainder of the premium is invested by the company, thereby building cash value.
Your choice should be based on your needs and especially what you can afford.
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