Affordable Life Insurance Protection for Your Family
Compare Term Insurance versus Life Insurance
If you’re looking to purchase a life insurance policy you may be wondering what is the difference between life insurance and term insurance?
Actually, term insurance, also known as term life insurance, is a type of life insurance.
When it comes to life insurance there are several different types of coverage you may choose from including Permanent, Term, Whole Life, Universal Life, Variable Life, and Guaranteed Issue, among others.
Lifetime protection is provided by Permanent, Whole Life, Variable and Universal, while Term Life provides temporary protection usually lasting up to 30 years, or less.
Definition of Life Insurance:
Life insurance is a written contract between an insurance carrier and the person who purchases the life insurance policy – also known as the policy owner.
The insurer agrees to pay out a death benefit to the beneficiary of the life insurance policy upon the death of the insured person, subject to the terms, conditions and exclusions stated in the policy.
In return, the owner of the insurance policy agrees to make regular premium payments to the insurance carrier. The owner also chooses who is the beneficiary of the insurance. The insured person may or may not be the one (owner) who pays the premiums.
Definition of Term Insurance:
Term life is a type of life insurance policy that provides coverage for a specified number of years. The life insurance is temporary, lasting for a specific "Term".
Usually, you may choose a term lasting for a period of 10, 15, 20, 25 or 30 years.
If the insured person dies during the policy term, the death benefit is paid out by the insurer to the beneficiary of the policy.
If the insured person is alive when the policy term expires, there is no benefit paid out and the coverage ends.
Definition of Whole Life Insurance?
Whole life is life insurance that provides guaranteed lifetime protection, as long as the premiums are paid on time.
A whole life policy provides a death benefit and builds cash value inside the policy over time.
Whole life usually costs up to 5-10 times more for the same amount of life insurance compared to the cost for a term policy.
The additional cost is due to the fact that all death benefits are paid out on whole life insurance policies, unless the policy is no longer "In Force", Insureds do not outlive the duration of the whole life policy, as they may with a term insurance policy.
Also, a loan may be taken out on the cash value in the policy, if needed.
Different Types of Life Insurance Policies
Here's a list of the different life insurance plans you may choose from for your coverage:
What is a Life Insurance Death Benefit?
Death Benefit: The amount of money the insurer pays your beneficiaries after your death. This is often a tax-free payment that can be paid as a lump sum or in installments, depending on your policy. You typically select the amount of coverage when you purchase your life insurance policy.
Types of Term Life Insurance Policies
There are several different types of term insurance plans you may be able to choose from including the following:
How to Get a Life Insurance Quote
You can get an instant quote for life insurance online by selecting from the options listed below.
It only takes a minute or less to fill out a Quote Request Form through JRC Insurance Group and instantly see the best prices available for life insurance based on your answers.
In addition, Haven Life offers up to $2,000,000 of instant issue term life insurance for qualified applicants who are healthy.
United of Omaha offers up to $25,000 of Guaranteed Acceptance life insurance for anyone age 45 to 85. There is no health exam needed and no health questions asked. You can’t be turned down if you meet the age requirements for approval.
Life Insurance Quotes
Top Pick – JRC Insurance Group
JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 45+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.
Highly Recommended – Haven Life Insurance Agency
Haven Life uses the information provided in your application to make an instant decision on your application. Healthy, qualified applicants (based on the information provided in your life insurance application) can be insured immediately with no medical exam while other applicants can receive immediate coverage pending a medical exam.
Applicants age 60-64 are eligible to apply for up to $1 million in coverage; subject to underwriting approval.
Some qualified applicants (U.S. citizens up to the age of 59) will be able to finalize coverage without the need for a medical exam. The majority of applicants are still required to take a medical exam.
Keep in mind: Issuance of the policy or payment of benefits may depend upon the answers given in the application and the truthfulness thereof.
Highly Recommended – United of Omaha
United of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $3,000 up to $25,000 of coverage. Rates start as low as $8.80 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.