Choosing the right type of coverage is key. There are two main types of life insurance: term and permanent. Term policies last for a set period of time, while permanent policies build cash value over the course of your life. When shopping for a new life insurance policy, price is important, but it's not the only factor. After all, this is a long-term commitment that could have an impact on your family's future security. So, when comparing quotes, be sure to weigh other elements, such as the insurer's reputation, customer service and variety of financial products it offers.