Normally, people search for term life insurance as a temporary means of insuring the main breadwinner in the home. Some families choose a term life insurance policy in addition to other life insurance they have. At times, though, families can be going through a rough financial period where they don't really feel they have the extra money for traditional life insurance, so they will look for a term life policy.
You may be wondering about the differences between a term life insurance policy and traditional life insurance. Term life insurance provides death protection for a certain period of time. It was originally developed to provide temporary life insurance protection on a limited budget. Since term life insurance can be purchased in large amounts for a fairly small premium, it is suited for short-range goals such as life insurance coverage to pay off a loan, or to provide extra life insurance protection during the child-raising years.
Permanent life insurance or as it is sometimes called, "whole" life insurance is designed for long-term protection for your family. This policy provides coverage for your entire lifetime as long as premiums are paid regularly. It also builds equity over the years and eventually has a cash value that can be withdrawn under certain circumstances.
The premiums are higher for whole life insurance than for term but in the long run, permanent life insurance is usually considered the better value. In cases where someone only needs coverage for a short term or if someone is looking for the cheapest way to get life insurance, then a term life insurance plan is the way to go.
You can find many web sites that offer cheap term life insurance quotes but be aware that often these quotes are very superficial and do not take into account any health issues. Try to be as truthful and thorough as possible when you fill out the insurance questionnaire and you'll receive a more accurate rate quote.
A few web sites nowadays offer rate comparisons. In other words, you simply fill out one simple questionnaire and within 24 hours you are contacted by several insurance companies who will be able to help you with your needs. This would be a good time to discuss with an insurance agent exactly what your requirements and expectations are.
Once your situation changes and you are ready to switch over to a whole life policy, speak to your agent to get rates on a traditional life insurance policy. This type of insurance protects your family and your assets in the event of your passing. Plus it will give you and your loved ones peace of mind.
It's easy to find cheap term life insurance quotes out their on the World Wide Web. However, be aware that it will only provide protection for a limited time, a "term" and will eventually need to be supplemented or replaced with whole life insurance.
by Carlos Scarpero
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