Life insurance can protect your loved ones financially after you're gone, but picking the right kind can protect your wallet even when you're alive.

Generally, there are two kinds of life insurance: term life insurance and permanent life insurance.

Permanent life insurance provides lifelong coverage, which can come with tax benefits and dividends but has higher premiums. Term life insurance aims to provide income replacement when needed for a specific period of time and can be more affordable.

Brooke Dean, founder of BMD Financial Ltd. at Raymond James, likens the two options to renting versus owning.

"Term life insurance is like renting an apartment," she said.

Similar to renting, people pay for coverage for a set period of time. When the time is up — similar to a lease ending — the

See Full Page