Mortgage life insurance is an insurance policy which fully repays the balance of a mortgage in the event the borrower dies. Mortgages have long-term horizons -- usually 30 years.
Permanent life insurance is a life insurance plan that does not expire as long as the policy is in force.Permanent life insurance differs from term life insurance in that term life insurance covers the insured for a specified period (5, 10, 15, 20 years, etc.).
Term life insurance is a policy which provides financial coverage during a set amount of time.Often considered the "simplest" form of life insurance, it is best suited for providing coverage or income for a short term and on a limited budget.
Universal life insurance is a type of life insurance policy that allows the policyholder to alter the policy in response to life changes, by merging the benefits of term life insurance with those of a savings account. Universal life insurance is based on whole life insurance.
A variable life insurance policy allows the account holder to invest a portion of the premium paid for the policy. Let's say John Doe buys a variable life insurance policy and pays $10,000 a year in premiums.