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It really depends on your personal life insurance needs.
How long do you need your life insurance coverage to be in place in order to accomplish your goals?
If you only need life insurance for a period of 30 years or less, then a term life insurance policy may be the most affordable option.
If you really need lifetime coverage then a whole life insurance policy can help you to accomplish your goal.
Also, many people buy a term life policy for their short term needs, and a whole life policy to provide lifetime coverage.
You do have the option of purchasing both types of life insurance policy if you choose.
How much term life insurance do I need?
The answer will depend on your own personal situation and what goals you want your life insurance policy to accomplish?
Why are you buying a term life policy? Is it to replace your income for your family, pay off the home mortgage loan, leave enough to pay your child's college education, help to maintain your family's lifestyle, etc.?
When deciding how much life insurance you need make sure you consider all of your debt, savings, income, monthly expenses, and future financial goals.
The quickest and easiest way to find out how much term life insurance you need is to use a term life insurance calculator.
You just answer some questions about your life insurance needs and financial situation, and instantly receive an accurate estimate of how much life insurance to buy.
How can I get cheap rates on life insurance?
There are several ways you may be able to find lower rates on your life insurance policy.
Here's just a few to get you started:
1. Compare multiple rate quotes from several of the top life insurance carriers.
2. Consider term life insurance which offers the lowest priced coverage.
3. Quit smoking - Smokers pay much higher rates than non-smokers for life insurance.
4. Annual premiums - Choose to pay your premiums once per year which may save you some money compared to paying monthly premiums.
No, a term life insurance policy does not mature, it just ends at the end of the term period of the policy.
That term of a term life plan may last for a period of 10, 15, 20 or 30 years usually, but once the policy's term has run its course it's done and the life insurance coverage provided by the term policy ceases.
The term "mature" is usually associated with a permanent life insurance policies set up to be paid for in full after some period of time that can range from being paid up at the time of purchase or over a number of many years.
However, once that type of life insurance policy matures then the need for payment of premiums ends, butt the life insurance coverage stays "In Force" until the death of the policyholder.
Whole life insurance expires when the person insured by the whole life policy dies because it's a type of permanent life insurance policy that lasts for your entire lifetime, as long as your premiums are paid.
A whole life insurance policy can end earlier though if the policy owner does not pay the premiums on the policy, and there isn't enough cash value built-up inside the life insurance policy to keep the coverage "In Force".
The other basic type of life insurance is term life insurance which provides temporary life insurance for a specific period of time.
Usually, term life insurance lasts up to age 65 or 70, with guaranteed level rates for a period of 10, 15, 20 or 30 years.
If you do not renew the term life insurance policy when the term ends, the life insurance coverage expires.