India, Nov. 6 -- As we consider our loved ones and our future, life insurance is the first thing that comes to our mind. It gives us peace of mind knowing that even if we are no longer here, our loved ones will enjoy economic security. But when you start looking around, you'll find two broad categories: term life insurance and whole life insurance (also known as traditional life insurance). They sound the same, but they are quite different in terms of what they do, what is offered, and how much they cost.

Let's learn more about them so you can make the right choice for your needs and budget.

What Is Life Insurance?

Life insurance is an assurance between you and an insurance company. You give a small amount of money from time to time, w...