With the personal life insurance, you choose the term of the insurance. You can go for 10-year, 20-year 30-year term and also for odd terms like 17 for an example, or 23 years term. The shorter the term you pick, the more affordable is the premium of the insurance.

With mortgage life insurance you might be insured until age 65 or age 70 (the cancellation age varies by lender), but only if you never change your mortgage and never change lender. Most borrowers need to change lenders and amount of mortgage as their situation evolves. These changes almost always require changing the mortgage life insurance.