Life Insurance Products

Life is for living, so if you want to feel safe and secure, decide on one of Life Insurance Products mentioned below. Different customized plans will help you to realize the main distinctions between them and choose the one fitting you best of all.

Life Insurance

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Term Life Insurance

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Whole Life Insurance

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Permanent Life Insurance

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Compare products of life insurance policies to choose the best one
  • Term Life Insurance presents itself an insurance going for some term of your life, for instance, 10 or 30 years. When the time expires, your policy is over. It goes for people taking care of current financial possibilities in case of unexpected death. If you have children, loans or mortgage, then it’s ideal for you or your family. By the way, being a good money investment, this Insurance is affordable for majority of people.
  • No Medical Exam Life Insurance is another type of policy, which is aimed at speeding up the process of medical exam for a candidate. Any insurance agency will still pay attention to your medical history, but in an expedited way. This policy will be good for people being afraid of needles and hospitals, wanting to get coverage faster or just to speed up the reception of Life Insurance.
  • Permanent Life Policy. It’s a kind of lifetime term since it combines the simple procedure of getting Term Life Policy with benefits of Permanent Life Policy. Being more expensive than an ordinary Term Life, it renders the permanent coverage. Therefore, it can be called the most affordable option in the market. This insurance was created for people with constant financial responsibilities such as college payment or mortgages.

How Do I Choose a Life Insurance Product?

In order to make up this decision, you have to take into consideration the following options and features:

  • Basic protection. If you take care of your relatives and want to make them feel economically free in case of your unexpected death, you need to choose Term Life since it goes for some time period.
  • Cash value. If you are interested in building cash value for a long period of time, consider Permanent Life Plan by choosing one of 3 possible options: Whole Life, Universal Life, and the so-called Variable Universal Policy.
  • Durability of insurance. Need a policy for a specific time period like to pay for your mortgage? Term Life will cover it. Other types of insurance will cover you as long as you will pay all premiums needed.
  • Charges. Before deciding on some particular policy, ask your agent about fees and charges. They depend on your credit story, insurance options, and other significant points.
  • Access. Are you sure that you won’t need to have access to your money to pay for something urgent? Whole, Universal, and Variable types will let you withdraw the money, when you do need them.
  • Flexibility. If you have already paid enough to cover all fees, some products allow you providing flexible payments, for instance, Universal and Variable ones.

The Difference Between Term and Whole Life Insurance Policy

In order to estimate and find differences between two types of insurance, we should realize pros and cons of both of them. As for Term Policy, it has the maximum coverage per premium and meets all possible coverage needs up to 30 years. This insurance is also extremely customized with different options. One of them is to renew at the end of the appointed term. This policy supposes the return of premium rider. It means that you may count on getting the money back if they are alive at term’s end. This insurance also envisages the option to convert the temporary coverage into the permanent one. It is possible in case if the person is 75 years old or the term period is almost over. As a result, your premium will reflect the new age. One more important aspect here is child cover – one child rider covers a child from 15 days up to 19 years old. Take into account that the number of children doesn’t matter – you may cover as 2, so more with the same rate. As for its disadvantages, it has no savings feature and no lifetime period.

Whole Life Policy is a well-known type of Permanent Policy providing death benefit, cash value (which is accumulated), fixed premiums, and even lifetime coverage. It’s worth mentioning that the payments are guaranteed to remain locked with a stable value growth. It can be called rather expensive for those who choose it to get higher income as it is ideal for people trying to supplement their strategy for retirement period. It’s not recommended to decide on this policy for a whole life because of its cost; still, it gives more guarantees in terms of a good level premium. As for disadvantages of Whole Life Term, they are the following:

  • non-flexible premiums;
  • rate of return may be lower than an ordinary one;
  • charges for withdrawal.

So, choose the policy meeting your personal or family requirements and financial responsibilities.