In an event that you die, insurance play a big role in replacing the lost income for your dependents. There are basically 2 types of insurance – term insurance vs. permanent insurance
Term insurance is when you pay a premium and if in case you die while the policy is still outstanding, the insurance company pays a death benefit to your beneficiary (family member or loved one one). It’s called term insurance because the coverage lasts for a specific term only (like 10 to 20 years term).
Permanent insurance is a bit more expensive because the coverage lasts permanently. You pay a larger premium but a portion of that premium goes into a savings. This is the best choice if your have a disabled child who will never be able to support himself even as an adult.
IMO, if you need basic insurance protection, term insurance is the best choice.