Whole Life Insurance Or Term Life Insurance?

Whole Life Insurance Or Term Life Insurance?
By Timothy Rohrer

Whole life insurance when compared to term life insurance is becoming increasingly popular for the first time in several decades. In the wake of the financial crisis, individuals have become increasingly concerned with receiving a good value for their consumer dollar. While each type of life insurance has certain benefits and is more or less appropriate for different needs, whole life does more to offer permanent protection.

The Basics

At the most fundamental level, a whole life insurance policy serves as an investment account that slowly builds value over the course of one's life. Monthly premiums tend to be higher than for term policies, but these policies build value and can never expire. As one works towards the maximum benefit amount, you make investment allocation and can see the rate at which the cash value of the policy grows.

In contrast, a term policy will carry a typically lower monthly premium, but provides a set death benefit to an insured person up to a certain age. The very real possibility that the policy holder will outlive the policy means that after a lifetime of contributions, you may have to buy a new policy as you age with a significantly higher cost - the older you are, the more a term policy will cost.

The Winner

For years, as the world became more disposable, individuals were gravitating toward term policies because they provided immediate protection for a low cost. There was little concern as to what happened after the upper bound was reached. As the financial meltdown has signaled that permanence should be valued, for the first time in decades, the growth of whole life policies is outpacing term policies.

The most appropriate choice may be different for every person's circumstances, but checking quotes on each option is the most prudent decision. Be sure to check around on various sites as quotes can vary drastically from one place to another.

For more information and to get the lowest rates possible on term and whole life policies, visit http://www.quotelifeinsurancerate.com

Article Source: http://EzineArticles.com/?expert=Timothy_Rohrer

Whole Life Insurance Or Term Life Insurance?

Certain Options Available With Term Insurance

Certain Options Available With Term Insurance
By Patrick G Huddlestone

You may not realize it, but there are different options and extras that are available with your life insurance policy when you decide to opt for level term insurance. Many people think that level term insurance is something that comes with no basics at all, but the truth is that are some things that you will need to consider before you decide to go ahead and purchase a policy.

Sometimes discussing these different options may seem a little confusing, but if you know what you want you can build a very specific policy to fit in with your lifestyle and your needs.

For example, if you are someone who is worried about coming down with a critical illness and being unable to work, then you can add this coverage to your term insurance policy.

This is an important addition that you can put into your insurance to make sure that even if you are unable to earn money or work during an extended period of time while you are critically ill that your family will have the money that it needs to remain afloat and to keep the bills paid. However, this is something that you will need to make sure that you put into the policy when you write it as it could be denied at a later date.

Another option that you can get on your level term insurance is a premium waiver, which is an option that will also make sure that your insurance does not lapse because of an inability for you to pay your premiums if you should happen to suffer an injury or have an illness and are unable to work.

This is a way to make sure that your insurance remains in effect even if you should suffer a problem with an injury or illness that is not necessarily "critical," but is serious enough that you are unable to work to earn money. You will need to make sure that you read through this policy option so that you know exactly what the specified period of time is that the payments will be covered.

You will also want to make sure that you read through the policy information so that you can find out what coverage is offered. This is something that is going to vary between policies and between companies. So the best way to make sure that you are getting the coverage amounts that you need is to carefully go through the coverage options.

If there is something that you do not understand or if you think that you need more information to make an informed decision, then you will want to make sure that you directly contact the insurance company to find out more.

Any time that you are looking into a level term insurance policy then you will want to make sure that you fully understand the policy that you are signing on with and what your different options may be. If you have any problems or concerns then do not be afraid to ask the insurance company, they can often work to fit a policy around you.

Article Source: http://EzineArticles.com/?expert=Patrick_G_Huddlestone

Certain Options Available With Term Insurance