"Life insurance" is one phrase, but inside it are several types designed for different goals. This article summarises the main ones, so you can talk to a seller with understanding and choose what matches your own needs.
Term
Cover for a defined period, such as 10 or 20 years. If death occurs within that period the beneficiary receives the sum insured; if you survive the contract there is generally no money back. Its strength is a low premium relative to the sum insured. It suits covering temporary obligations, such as the years of a mortgage or while children are young.
Whole life
Cover running to a high specified age, such as 90 or 99. Premiums are paid for a period and cover continues afterwards, with a cash value accumulating in the policy. It suits people wanting long-term security for their family, or planning to pass assets on.
Endowment
A mix of cover and saving, with money returned during the term or a lump sum at maturity, according to the plan's conditions. It suits people who want the discipline of saving alongside cover, understanding that the return is as stated in the policy rather than an investment aiming at a high return.
Annuity
Focused on creating regular income after retirement: premiums accumulate during the working years, then an annuity is paid in instalments from a specified age. It suits retirement planning specifically, and the premiums qualify for a tax deduction under a separate limit according to the current rules.
Unit-linked / universal life
Combining life cover with investment. The policy value depends on the performance of the funds chosen, so there is the opportunity for a return along with risk borne by the insured. This type has more detail than the others; understand the charges and the risks fully before deciding.
Which should you choose?
There is no single best type for everyone, only the type that matches your need. Start with the question of whether you primarily want protection, saving, retirement income or investment, then look at the type designed for that. Many people use more than one together across the stages of life. If you are unsure, talk it through with your agent, who can compare them with real figures.