Affordable Term Life Insurance Quotes
Protect Your FamilyBetween whole life insurance and term life insurance, the latter is much simpler to comprehend and is also a lot easier on your pocket, at least initially. The key difference is term life insurance quotes cover you for a specified period of time, which may vary from one to thirty years depending on the policy you buy.
Although these types of term life insurance quotes come only with a death benefit and do not provide any cash value or tax benefits, there are definite advantages. If you cannot currently afford whole life insurance, it pays to shop for term life insurance quotes that can enable you to have insurance that costs less while providing protection for your family.
Who Should Opt for Term Life Insurance?
Term life insurance is best for:
- Those who are looking for a temporary insurance policy, but choose not to get a whole life insurance policy.
- Those who require coverage for themselves for a large sum but have limited financial resources to acquire a whole life insurance policy.
- People with specific needs. For example, an employer wants coverage for one of his most important employees who is still quite a few years from retiring, or for an employee who is between jobs but wants to ensure that his or her family is protected until they are employed again.
What are the Benefits?Though different from whole life insurance, term life insurance has its own set of advantages that makes it an interesting option for many:
- Term life insurance allows you to get insurance at a very low premium. So if you need insurance you should be able to afford it, even if you have financial restrictions.
- Most insurance companies even allow you to change your policy once you are through with your term. So you can get term life insurance now when you have less cash in hand, and later convert to whole life insurance when your financial condition is sounder. Generally companies also allow you to convert to a whole life insurance plan without requiring that you take a medical exam.
- Generally, death benefits are also exempt from taxes.
What are the Drawbacks?There are always a few loopholes to consider:
- In case of a term life insurance policy, you have to pay steeper premiums as you grow old, which could become a challenge during your retirement years when income is limited.
- Unlike whole life insurance, you don't get any cash value with term life insurance or the have the ability to enjoy any tax benefits.
- You don't get any value for your policy once the term expires.
- If you survive your term, then your insurance coverage ceases, unless you opt to renew or convert.
- If you encounter health hazards during the term, this also become a factor when the term expires, and it may be difficult to renew.
Find the best term life insurance quote that's right for you. Start by getting your free life insurance quotes today!