There are two types of life insurance: term insurance, which covers you for just a set period, and so-called permanent insurance, which is designed to be part-insurance, part-investment.
When you're young, term insurance is cheap because your chance of dying is slim. But as you age, it can become expensive.
Consequently, if you believe your need for insurance will never diminish, you may be better off with permanent insurance, which comes under many names, including whole life, universal life and variable universal life, to name a few.
Although the details of the various types of permanent insurance policies differ, all of them are made up of two parts. One part is a basic term insurance policy. It simply promises to pay a set death benefit if you die that year. The other part is an investment account.