Which Policy's Right for You

You will have your choice of several different types of policies when you apply for a life insurance quote. Find out what type of policy is right for you here.

Term Life Insurance Policy

If you have a temporary need for life insurance, you might consider getting a life insurance quote on a term life policy. Term life is usually the simplest and most affordable type of life insurance. Term life gives you insurance protection for a limited amount of time, usually 10, 15, 20, or 30 years. If you die while the policy is in effect, your beneficiaries receive the agreed-upon death benefit. If you are still alive after the term expires, your coverage ceases unless you renew. You should consider a life insurance quote on a term life policy if:

• You have a short-term need for life insurance
• You need a large amount of coverage on a small budget
• You want to supplement existing coverage
• You have specific business needs

Permanent Life Insurance Policy

If you are looking for a lifetime of insurance protection, you should consider a life insurance quote on a permanent life policy. Though a life insurance quote on a permanent life policy will initially be higher than a term life quote, permanent life insurance can save you money in the long run because your premiums will remain constant for the life of the policy. Permanent life insurance also has the ability to accrue cash value over time, allowing it to double as an investment vehicle. Consider a life insurance quote on a permanent life policy if:

• You want a lifetime of insurance coverage
• You would like your policy to earn cash value
• You would like a policy that is more affordable in the long-term
• You would like to take advantage of tax breaks on the cash value of these policies
• You would like the option to borrow against or withdraw from the value of the policy