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A whole life policy that helps cover the costs of an individual's final arrangements. It pays for expenses such as the memorial service, casket or urn, and burial or cremation.

This policy is typically designed for seniors.

A term life insurance policy is the simplest, purest form of life insurance: You pay a premium for a period of time – typically between 10 and 30 years – and if you die during that time a cash benefit is paid to your family (or anyone else you name as your beneficiary). 

A type of term insurance designed to pay off your mortgage should you die.  

You can purchase a term life insurance policy for the amount of your mortgage and if you pass away during the “term” your loved ones receive the face value of the policy. They can use the proceeds to pay off the mortgage and proceeds are often tax free. 

The proceeds from your policy can be used for any purpose your beneficiaries choose. If your mortgage has a low interest rate, they may want to pay off high interest credit card debt and keep the lower interest mortgage.  Whatever they decide to do, that money will come in handy. Also, most mortgage protection plans offer a return of premium if you outlive your term or pay off your mortgage. 

Both term insurance and mortgage life insurance (through your lender) provide a means of paying off your mortgage.  However, with mortgage life insurance your mortgage lender is the beneficiary of the policy rather than the beneficiaries you designate.

A type of permanent life insurance, which means it has a cash value component in addition to a death benefit. The money in your cash value account can earn interest based on a stock market index chosen by your insurer, such as the S&P 500 or the Nasdaq Composite. They can mimic the tax benefits of a Roth IRA, meaning you don't pay taxes on any withdrawals after you are 59½ years old and cash gains are tax-deferred.

An annuity is a contract with an insurer, where individuals agree to pay the company a certain amount of money, either in a lump sum or through installments, which entitles them to receive a series of payments at some future date. These payments often last for a specific time span.