Term is "pure" impermanent insurance, 
where the premium buys protection in the event of death and nothing else. Term insurance premiums are typically low because the death of the insured is unlikely to happen during the term of coverage.  A term life insurance quote can be easily obtained online.

The three key term life insurance factors are: 
        1. Death benefit
        2. Premium to be paid
        3. Length of coverage or term

The length of Term coverage can be for one or more years.
The death benefit can remain constant or decline.  
The premium can remain level or it can increase.
These features can vary tremendously, according to the agreement and the amount of time that is needed for affordable term life insurance coverage. 

A common term policy is called annual renewable term. 
It is a one year policy; however, the insurance company guarantees it will issue a policy of equal or lesser amount without regard to the insurability of the insured and with a pre-set premium for the insured's age at the time designated for renewal. Another variation is a term of years with level premiums such as 3, 5, or 10 year term.

Property mortgage insurance is also common term insurance. 
Mortgage insurance is usually level premium, declining death benefit coverage. The death benefit is intended to equal the amount of the debt remaining on the owner’s property so the mortgage will be paid in if the insured dies. 

Affordable mortgage insurance quotes . . .
are essential for new homeowners that are starting in life, or to cover increased indebtedness over a short period of time.

A policy holder's estate or named beneficiary 
receives the money that the insurance company has agreed to pay. However, if he or she does not die before the specified term of years - the policy expires with no monetary benefit due to anyone.

WHOLE LIFE INSURANCE

Whole life insurance provides for a level premium 
payment and cash value guaranteed by the company. 

The primary advantages of whole life insurance are 
guaranteed death benefits, guaranteed cash values, and fixed level annual premiums. Mortality and expense charges will not reduce cash value shown in the policy. A whole life insurance quote is also readily available online,

Primary disadvantages of whole life insurance are 
premium inflexibility and the internal rate of return in the policy may not be competitive with other savings alternatives. Riders are available that can allow one to increase the death benefit by paying additional premium. The death benefit can also be increased through the use of policy dividends. Dividends cannot be guaranteed and may be higher or lower than historical rates over time. Premiums are much higher than term insurance in the short-term, but cumulative premiums are roughly equal if policies are kept in force until average life expectancy.

Whole life insurance cash value can be accessed at any time through policy "loans". Payback of these loans is optional because they are offset by a decrease the death benefit if not paid back. Cash values are not paid to the beneficiary upon the death of the insured; the beneficiary receives the death benefit only. If the dividend option: Paid up additions is elected, dividend cash values will purchase additional death benefit which will increase the death benefit of the policy to the named beneficiary.

UNIVERSAL LIFE INSURANCE

Universal life insurance is a relatively new insurance product.
It's intended is to provide permanent insurance coverage with greater flexibility in premium payment and the potential for a higher internal rate of return - universal life insurance quotes are available here.

A universal life policy includes a cash account. 
Premiums increase the cash account. Interest is paid within the policy at a rate specified by the company. This rate has a guaranteed minimum but usually is higher than that minimum. Mortality charges and administrative costs of universal life insurance are charged against the cash account and reduce the amount of money in the account. The surrender value of the policy is the amount remaining in the cash account less applicable surrender charges, if any.

Universal life policies guarantee, 
to some extent, the death proceeds, but not the cash function. 
Thus, the flexible premiums and interest returns. If interest rates are high, then the dividends help reduce premiums. If interest rates are low, then the customer would have to pay additional premiums in order to keep the policy in force. When interest rates are above the minimum required, then the customer has the flexibility to pay less because universal life insurance investment returns cover the remainder to keep the policy in force.

The universal life policy 
addresses perceived disadvantages of whole life. 
Premiums are flexible. The internal rate of return is usually higher because it moves with the financial markets. Mortality costs and administrative charges are known. And cash value may be considered more easily attainable because the owner can discontinue premiums if the cash value allows it. And universal life has a more flexible death benefit because the owner can select one of two death benefit options, Option A and Option B.

Option A pays the face amount at death.
It is designed to have the cash value equal the death benefit at age 95. Option B pays the face amount plus the cash value, as universal life insurance is designed to increase the net death benefit as cash values accumulate.

Option B does carry with it a caveat. 
This caveat is that in order for the policy to keep its tax favored life insurance status, it must stay within a corridor specified by state and federal laws that prevent abuses such as attaching a million dollars in cash value to a two dollar insurance policy. The interesting part about this corridor is that for those people who can make it to age 95-100, this corridor requirement goes away and your cash value can equal exactly the face amount of insurance. If this corridor is ever violated, then the universal life policy will be treated as, and in effect turn into, a Modified Endowment Contract (or more commonly referred to as a MEC).

Universal Life has its own unique disadvantages. 
The major disadvantage of Universal life insurance stems primarily from its flexibility. With this regard the policy lacks the fundamental guarantee that the policy will be in force unless sufficient premiums have been paid and cash values are not guaranteed.

VARIABLE UNIVERSAL LIFE INSURANCE
Variable universal life Insurance is not the same as universal life, even though they both have cash values attached to them. The difference lies in how the cash accounts are managed, level of risk of loss due to market fluctuations and other important factors that have a great effect on how they are treated for taxation, risk and other important variables. The cash account within a VUL is held in the insurer's "separate accounts" Separate account is a fancy name for mutual funds, managed by a fund manager. Variable Universal Life polices must be obtained from an person that has met the stringent requirements of the Securities Exchange Commission to acquire the designation of Agent/Registered Representative.