Learning the basic differences between term life and permanent life insurance can help you decide exactly what's right for you, according to Midland National Life.

In a recent video series, Midland National takes a look at these two types of policies and explains the benefits of both types of insurance, in addition to the option of universal life insurance. 

"Term life insurance is often a good choice for an individual or family in early years," Midland National's video explains. "It can offer affordable death benefit coverage when the need for protection is greatest."

With term insurance, premiums are often level for the term period selected. But if you buy a 10-year term policy, you may not qualify for the same rate if you still need insurance after 10 years. The new rate, the video explains, may be too expensive for your budget, according to the Midland National video. 

"Permanent life insurance can help address these concerns," the video explains. "Perm policies are designed and priced to keep over a long period. Permanent universal life insurance even has a cash value feature. The potential cash value can be used to pay premiums or help with unexpected expenses."

Midland National suggests discussing your life insurance needs with your representative and to explore universal life insurance as an option.

"If you think you might need long-term death benefit coverage and potential cash value, consider a low-cost permanent solution like universal life insurance," Midland National says in its video.