Term Or Whole Life Insurance - Which Is Right For You?

One of the most important things you will ever do is to choose a life insurance policy that will provide for your family after you are gone. Choosing the life insurance policy that is right for you and your family can be quite confusing. Do you want term life insurance? Would whole life, or permanent life, insurance be a better choice? Before you purchase a life insurance policy, make sure you understand the differences between the types of life insurance that are available to you.

Life insurance is generally purchased as either term or whole life, also known as permanent insurance. While the cost of term life insurance may be significantly lower than whole life, this doesn't automatically mean it is the best type of policy for you. The security of your family is the most important factor in choosing a life insurance policy. Make sure you know the details of the different types of policies and the benefits your family will receive.

Whole life, or permanent insurance will provide coverage throughout your lifetime. Your coverage will never expire and never require renewal. Your family will be guaranteed a certain amount of money upon your death and the policy will remain in effect as long as the premium is paid in a timely manner. These types of policies sometimes have a cash value that may be borrowed against or paid to the owner of the policy in the event the policy is cancelled before the death of the insured. This amount will not be the same as the amount that would be paid to your survivors in the event of your death. Instead it would be the actual amount you have paid towards the policy plus any interest that amount might have accrued.

Term life insurance is less expensive than whole life. The difference is that a term life insurance policy is effective only for a certain period of time, usually 10 to 30 years in duration. After this time expires you will have to purchase another term life policy for the term of your choice. Term life insurance is normally quoted dependent on the health and age of the insured. The older you get, the more expensive your premiums will be upon renewal. You can get a no obligation quote for your term or whole life insurance policy. Providing for your family may be the most important thing you will ever do. Don't leave your family unprepared.

To view our recommended life insurance companies, visit: Recommended Life Insurance Companies.

Carrie Reeder is the owner of eZerk, an informational website with articles and the latest news about various topics.

---

Auto Insurance Basics

Most people only think that insurance is something they need... Read More

Can I Get Affordable Dental Care?

In the United States most companies offer their employees dental... Read More

Travel Insurance Might Be Just What You Need!

Travel insurance is something that many people haven't considered. Sure,... Read More

Homeowners Insurance at a Glance

At first glance, homeowners insurance may seem perplexing and quite... Read More

Filing An Insurance Claim

Everything seemed pretty simple when you purchased that insurance policy.... Read More

Car Insurance No Claims Bonus Explained

No Claims Bonus is a term used to describe the... Read More

Everybody Wants The Best Term Life Insurance Quote

The information you need about the best term life insurance... Read More

5 Strategies To Reduce Your Car Insurance Premiums

Your latest car insurance bill has arrived and it is... Read More

Medical Insurance - Health Insurance Coverage & Plans Explained

If you're trying to decide between health insurance plans, you'll... Read More

3 Important Moving Insurance Tips

Because of the many problems that can occur when you... Read More

Tips On How To Save When Buying Car Insurance

If you want to save money when you purchase your... Read More

Health Insurance And Insurance Brokers

If you are in the market to purchase your own... Read More

Term Life - Who Needs It?

If you've read any of the books or articles by... Read More

Discount Life Insurance Will Give You The Best Protection You Need

There is always a chance that there is a better... Read More

Types of Life Insurance

There are different types of life insurance policies available. Shop... Read More

Choosing Buy-To-Let Property Insurance

Risk is an area often overlooked by landlords, but failing... Read More

Why Should You Purchase Your Auto Insurance Online?

If you're interested in slashing your auto insurance bill in... Read More

Types of Auto Insurance Coverage Explained

A question you might ask yourself is: why must we... Read More

Health Insurance Options for Entrepreneurs

One of the most important benefits employed people enjoy is... Read More

What Type of Doctor Should I See Under My HSA?

You can withdraw money from your Health Savings Account (HSA)... Read More

Insurance for Those Who Run Bed and Breakfast Properties

A Bed and Breakfast, often referred to as a B&B,... Read More

MSA or HSA: Can I Keep My MSA Or Do I Need to Convert it into an HSA?

The Medical Savings Account (MSA) is an older form of... Read More

The Ups and Downs of Temporary Health Insurance

If you're a recent college graduate, or in between jobs,... Read More

Motor Vehicle Accident Insurance Claim Guide

This is a FREE Insurance Claim GuideYour "Motor Vehicle" can... Read More

10 Tips to Save on Healthcare Insurance

Americans shopping for their own healthcare insurance can substantially cut... Read More

The Surety Bond Domino Effect

I have written many articles about the hard surety bond... Read More

Business Insurance ? And What You Need To Know

Getting your business up and running is exciting, challenging and... Read More

Term Life Insurance Quotes for Singles

Term life insurance quotes are rarely a concern of single... Read More

Bankers Long Term Care Insurance

How many times have you seen people whose life was... Read More

Six Ways to Cut the Cost of Your Auto Insurance

Is your auto insurance bill $12000 a year or even... Read More

Cheap Car Insurance

Finding good car insurance can be very difficult. Here are... Read More

Ever Wondered What An Auto Insurance Claim Adjuster Does?

An auto insurance claim adjuster works for the insurance company... Read More

Travel Insurance Pre-Existing Conditions Coverage - How It Works

What is a Pre-Existing Medical Condition?When a trip cancellation travel... Read More