Is Term Insurance the Only Type I Need?

The debate of choosing term or permanent life insurance has been going on for years. It is not yet possible to say which type of coverage is better than other. It all depends on an individual’s needs and unique circumstances.

When Should You Choose Term Life Insurance?

Determining how long to keep your coverage in force is the key to deciding if you need a policy other than term. For example, some needs exist for a limited time such as your mortgage, or the time until your children are grown and are self-supporting. Term life coverage is the best option when you need protection for a specific period of time at an affordable cost.

Another benefit of term insurance is comparison shopping. The market for selling term life insurance is competitive therefore finding good and affordable term life coverage is comparatively easy.

When Should You Choose Permanent Life Insurance?

Permanent life coverage is protection for a lifetime. If you find guaranteed level premium as an important aspect of your policy, don’t forget to ask about it from your agent.

On the other hand, suppose you need coverage to replace your income in the event of your death. Perhaps you need insurance to pay estate taxes. These two needs are examples of needs that can last a lifetime. If your needs extend more than thirty years, there are different types of permanent policies that can meet your needs.

Initially, the premiums on these policies are more expensive, but they may prove useful to you. Check with LifeQuote for these policies.

Term life insurance has a guaranteed death benefit but it does not build any cash value, so at the end of