Whole life insurance is coverage that never expires. It will last your entire life as long as you keep making the required premium payments. It will generally build some cash value over time that you can borrow from if you ever needed to.

Term Life Insurance is coverage that will expire after the initial coverage period ends. This is generally between 10 and 30 years. There is no cash value that accumulates over time. However, some term options will offer a return of premium at the end of the initial term period.

Mortgage protection is just what it sounds like. It is life insurance that is used to ensure that if something bad happens, the family will be able to remain in the home. In some cases, the family will either be able to pay off the mortgage completely, or they will be able to pay the mortgage for a period of time so that they can put the house on the market and save the equity that has been built up, or transfer the loan into their name. This objective is usually accomplished by using a term life insurance product.

Final Expense Insurance is a low benefit amount whole life policy that is meant to cover a person's funeral or cremation costs upon their passing. It is just enough coverage to keep the family from having to wonder where they will come up with the funds to cover the costs. It will gain a small amount of cash value over time, and will also last the primary insured's lifetime as long as the required premiums remain paid.