Life Insurance By Type

It’s easy to get a free quote on affordable life insurance for your family. You need to carefully consider what is best for your family, budget and life circumstances. There are basically two types of life insurance available for purchase. Term Life insurance and Permanent Life insurance.

Life Insurance premiums are based on the type of insurance you buy, the benefit amount, and your chances of dying based on your overall health and lifestyle during the period while the policy is in effect.

Term Life Insurance – Term Life insurance is often described as “death benefit” only life insurance, because it has no “cash value.” Term Life insurance, as the name implies, is life insurance that you purchase for a specific length of time, usually 5,10 or 20 years. At the end of the term, you are given the option of renewing the policy. The younger and healthier you are when you purchase term life insurance, the more reasonable the price will be.

Permanent Life Insurance – Unlike Term Life insurance, there is no fixed time limit to Permanent Life insurance. Permanent Life insurance remains in effect so long as you are living and keep making your monthly premium payments, hence the name “permanent”. The other key difference between permanent and term life insurance is that all forms of Permanent Life insurance build cash value. With Permanent Life insurance, part of your monthly premium goes into a tax-deferred investment account. You may access or borrow against these funds while you are alive. There are various types of Permanent Life insurance such as Whole Life, Universal Life and Variable Life insurance.

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