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How do you know which is the best life insurance for your needs? The type of life insurance known as permanent life insurance is ideally suited to permanent needs.  An example of this would be in providing supplemental retirement money for a surviving spouse, covering estate taxes due upon your death, or paying final expenses, ie. burial, legal costs, etc.  On the other hand, term life insurance is ideally suited for covering life insurance needs that are not permanent.  For example, they would include cover for a 20 year mortgage, college costs for children, or family income needs while the children are growing up. Permanent life insurance policies have premiums which stay level for life.  Term life insurance costs, however, increase regularly as you age. Sometimes this is yearly, and sometimes it can be every 5 or 10 years or so.