Term life insurance provides protection for a limited period of time. The death benefit is paid to the beneficiary if the insured dies during that specific period (generally between 1-30 years). But a term life insurance policy holder receives nothing if he or she survives the entire length of the term they choose.

Whole life insurance is, first and foremost, designed to protect the loved ones of a whole life insurance policy holder in the event of their death – no matter when it happens. But a whole life insurance policy can benefit the insured while they’re alive as well. This sort of policy offers its holder a cash value that can be borrowed against if needed.

Universal life insurance is a hybrid of term life insurance and whole life insurance, which fuses together the protection of term insurance with the cash value benefits of a whole life policy.

Though many life insurance policies mandate a medical examination, no-exam life insurance policies will offer you coverage without having to submit to that part of the life underwriting process.

Mortgage life insurance is a life insurance product whose payout is specifically allocated for paying off a mortgage, in the event of your death. With mortgage life insurance, your mortgage lender winds up being the beneficiary.

Variable life insurance is a hybrid product, like universal life insurance, that offers you the coverage of a term life insurance policy with the benefits of a whole life insurance policy. The difference is that variable life insurance offers more flexibility in regards to what you pay, and when.