Comparing Term Life Insurance and Permanent Life Insurance Policy Costs

Many people put off life insurance because they don’t think they can afford it. Cost also has a lot to do with which type of life insurance consumers choose. Don’t be deterred from life insurance coverage because of the cost. A life insurance policy will financially protect your loved ones in the event of your passing. Whether it’s making sure that your family doesn’t need to worry about end of life costs like funeral expenses while they are mourning or providing enough funds to cover every day expenses while your dependents can become independent, your life insurance policy can mean the world. If cost is the main factor in which type of life insurance policy you choose, a term life policy makes the most sense as it is the most affordable option.

Insurance Best Prices can help you determine the right amount of coverage you need while keeping in mind your budget and financial situation. You can compare life insurance quotes and find the best policy for your needs.

Understanding Term Life Insurance Rates

When you apply for term life insurance, the underwriter will consider a number of factors including the length of your policy, the coverage amount, your gender, and your health at the time you apply. Term life insurance is the more affordable life insurance policy, because the insurer only has to insure you for a specific period of time and you only have to pay for that period. Terms range from 10 to 30 years, and the term you choose depends on your life expectancy or how long you believe you might need coverage. The younger you are at the time you apply, the longer the term you might need.

Understanding Permanent Life Insurance Rates

Permanent life insurance is the more expensive option. The reason is that it lasts for the rest of your life. It can cost as much as ten times more than term life. There are two main types of permanent life insurance – whole life insurance and universal life insurance. If you want to use your life insurance policy to build a savings, this is a good option. With permanent life insurance, you can borrow against the cash value of your policy.

What is the most affordable life insurance option?

Term life insurance is a popular choice and adequate for many people. It is more affordable and customizable. However, many people benefit from a permanent life insurance policy that runs the length of your life and allows you to borrow against the cash value of your policy. Here’s how to determine which is the right type of policy for you.

Which life insurance type is the right option for me?

Is permanent life insurance the right option for me?

You have a high net worth and need to support a family estate or cover inheritance taxes if the unexpected were to happen.

• You want to provide an inheritance when you pass away.
• You care for a special-needs child or adult and want to make sure they have all the resources they need.
• You want to have the ability to borrow cash from your policy or use it as a savings account to cover unexpected expenses

Is term life insurance the right option for me?

• You’re looking to provide enough money to cover your debts when you pass
• You have a mortgage that you want to continue to support should you pass
• You were the primary care provider for your child(ren) and want to provide financial support for childcare
• You are the primary earner for your dependents and want to protect them financially if the unexpected were to happen

These are just some of the scenarios in which these policies make sense. Complete your life insurance quote application today to learn more and compare life insurance rates. Don’t wait to protect your loved ones. Apply today and save on life insurance premiums.