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

The two main types of life insurance are term life and whole life. Term life insurance provides coverage for a specific period, typically ranging from one to thirty years, and pays a death benefit only if the insured passes away during that term. This type of policy is often more affordable and is suitable for individuals who need coverage for a certain time, such as to secure financial obligations like a mortgage or to protect dependents during their working years.

Whole life insurance, on the other hand, is a permanent policy that remains in effect for the insured's entire life, as long as premiums are paid. It provides both a death benefit and a cash value component that grows over time at a guaranteed rate. Whole life policies are often seen as a long-term financial planning tool as they can be used for estate planning and can provide financial security for the policyholder’s beneficiaries.

While the other options mention types of life insurance policies, they are not classified as the primary categories. Universal life and variable life are examples of permanent policies but fall under the broader category of whole life insurance. Group life pertains to insurance offered to a group, usually by an employer, and individual life refers to policies purchased by individuals rather than groups. Mortgage life and final expense life are types of coverage