What Are The Different Kinds Of Life Insurance?

There are 2 main types of life insurance that offer different benefits and affordability — permanent life insurance and term life insurance.

Life insurance protects your family when you can’t be there to provide for them. It’s the best way to ensure their financial security — the mortgage, rent, or college tuition — for the future.

Guaranteed Benefits With Permanent Life

Permanent life insurance covers you permanently and will be guaranteed to provide your family with financial benefits.

Because permanent life policies are guaranteed to pay its benefits, the costs of keeping the policy are higher than term life. But to make sure your family will always have a secure financial future, a permanent life insurance policy is what you need.

With a permanent life policy you should expect:

• Permanently guaranteed benefits
• Increasing cash value of your policy
• Options for covered long term care

Saving Money With Term Life

The alternative is a term life policy. Term life is temporary life insurance that can protect your family from 1 year up to 30 years. And because they are only temporary, term life is the most affordable life protection you’ll find.

Also, a term life policy usually has a substantial benefit value in dollars — many times even more than a permanent plan. And you only have to worry about one payment, your premiums, to keep the plan in effect. And you'll save money on life insurance premiums. Because for term life premiums are, on average, 5 times less than permanent life plans.

When you purchase a term life policy, here’s what you should expect:

• The most affordable life insurance, and you’re responsible for only one payment — your premium.
• The choice of how long you want to be covered, most plans can cover you up to 30 years.
• The option to change your term life temporary policy into a permanent life plan.

Make An Informed And Educated Decision

When choosing a life insurance policy, it's most important to find a plan that fits your needs — because life insurance is a legally binding contract and you have to know what you are purchasing.  And choosing which type is best for you, should be an informed decision.

With our free quote service, you’ll have expert advice from our professionals and options to compare — to help you make an educated decision.