The article discusses two main types of insurance: life insurance and non-life insurance. Life insurance involves making regular payments to an insurer in exchange for a guaranteed sum of money at a specified date or upon death. Non-life insurance covers risks like accidents and sickness, where a claim is only paid if a specific event occurs. Term insurance, which provides a benefit only in the event of death within a certain period, is considered non-life insurance. Sometimes, term insurance may be treated like life insurance due to accounting practices.