Term life insurance as the name suggests runs for a specified period of time. This is the term of the policy. These are the most affordable life insurance polices that you can buy.
The term can run for any period of time your specify and as such they are often used to cover mortgages or debts.
These types of policies are often selected by seniors looking to pay the funeral / end of life expenses or to provide some benefits to family members in the form of gifts or inheritance.
The policies can be taken out by seniors up to the age of 80 with limited health questions and guaranteed acceptance if required. Of course with these guaranteed acceptance policies your premiums will be higher. Were you aware that the average cost of a funeral in America is now between $7,000 and $10,000. The use of these types of policies to cover end of life expenses is growing and it is an option many people are looking into.
These types of polices as the name suggests are permanent as the name indicates. They are also know as whole life policies. They run until the life assured dies, stops paying the premium or en-cashes the policy early for the sum of money built up within the policy. Because of this reason, they are more expensive than term life polices but can also be used as saving plans.
There are numerous different versions of these permanent life policies depending on the investment attribute attached to the policy and this should be considered carefully.
These policies are also available to seniors and it would pay to compare the costs of these types of policies to ensure you get a fair reflection of the premiums for both types of plans.
One thing to look for is of course the fine print, you will find lots of quote services online and they will give you choices and flexibility making it more attractive and cheap, be warned you don't want to read the terms of service or policy after the fact. This has happened and we advise once you find a policy or plan that fits your needs or budget have a lawyer look over the policy and explain it to you in simple terms or 'what happens if' terms.
Remember if you are looking for Whole Life, Term Life, Permanent Life or Senior Life Insurance plans, you as the purchaser are in the driving seat. Insurance companies need new customers in order to continue to make profit. They offer discounted rates for certain types of policies that they are looking to attract. Make sure you compare at least three quotes and by shopping around you will save money. Consider how much a saving of $5 a month would make over the term of a 20 year policy?
For more information on the best online term life insurance quote and any help or advice you might need to help make the best decision for you, enter your zip code below and let us help you compare life insurance easily and in the privacy of your home.