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

The correct identification of the two main types of life insurance is based on the fundamental structures and benefits these policies provide to the policyholders. Term life insurance is designed to provide coverage for a specific period, typically ranging from one year to 30 years, and it pays a death benefit only if the insured passes away during that term. This makes it an affordable option for many individuals seeking financial protection for a designated timeframe.

Whole life insurance, on the other hand, is a permanent life insurance policy that remains in force throughout the insured's lifetime, as long as premiums are paid. It also accumulates cash value over time, which can be accessed by the policyholder. This dual benefit of lifelong coverage and potential cash value accumulation distinguishes whole life from term insurance and makes it a popular choice for long-term financial planning.

Together, term and whole life insurance represent the two primary categories of life insurance, each addressing different financial needs and goals. Other options mentioned may involve different types of permanent insurance or variations thereof, but they do not encapsulate the fundamental distinctions as clearly as term and whole life policies do.