Term Life Insurance – is the most inexpensive form of life insurance. Term life insurance is purchased for temporary needs over a specific time period. Once that time period elapses then the policy terminates. The short term benefit is what makes the premium low in comparison to permanent forms of life insurance. Mortgage term life insurance is purchased to cover a mortgage debt over a specific period of time. A thirty year mortgage requires a thirty year mortgage term policy that has the death benefit decrease as the mortgage balance decreases. The policy terminates after 30 years when the mortgage is fully paid. You can also purchase level term policies that provide level death benefits for specific periods of time. These time periods can be as short as five year and as long as twenty years with most companies.

Permanent Life Insurance – is different from term insurance because it is designed to stay in force until the death of the insured. This form of life insurance is very popular because of its inside build up of cash value. The cash value of permanent life insurance is what enables the policy to extend until the death of the insured. This cash value account is accessible to the insured. The cash can be borrowed at a very low interest rate. Universal life policies have a partial surrender feature also that requires no pay-back of the borrowed amount.

Do your online shopping for life insurance rates based on these two forms. Compare term rates with term rates and permanent rates with permanent rates and that will make your shopping a whole lot easier.

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