Quick Comparison of Life Insurance
Term Life Insurance
- Generally, term life insurance is the most affordable life insurance option because it is purchased for a specified term of years. It may the best choice for a growing family because it will be in effect while it is needed the most, and because it is usually the cheapest!
Mortgage Life insurance is a popular term life insurance product, and it is advertised to be "easy issue" soon after a home is purchased, and is designed to cover the loan amount.
Term Life can have optional riders attached to it to provide for disability, critical illness, etc., but of course, these riders will drive up the cost. Some term life has a Return Of Premium Option (ROP). Normally, term life insurance does not build up any cash value, which is one of the reasons it is usually the most affordable option. The Return of Premium rider will return all premiums paid after a term policy expires, but of course, it will cost you more in premium dollar.
Whole Life Insurance
Whole Life Insurance is the original insurance, and it is meant to be permanant insurance, though some policies can be paid up over a span of ten or twenty years. Nowadays, many people buy a smaller amount of whole life insurance to make sure they will give their heirs money for final expenses, debt settlements, etc. It is also used to transfer wealth.
Universal Life Insurance
Universal Life insurance is another form of permanant life insurance that usually pays a more competitive return on the excess premium paid into it. It may be considered as a financial or savings vehicle, as well as an insurance policy.
Shopping For Life Insurance
If you are shopping for life insurance, you have many online life insurance tools available
GTL DIRECT - Quick Quote, Buy, and Print Online From The Source - You can purchase GTL Online, and your policy will have rates that never go up, benefits that never go down, and a quick approval process, usually without needed in exam or anything. This is for very affordable, basic term life, which may be all you need!
If you are still not sure what you need, I suggest using InsureME Life Quotes from www.247QuoteUS as an online tool. You can get competitive quotes from many different companies, and use their service to find a local life insurance agent to assist you.
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