Term Verses Whole Life - When It Comes to Life Insurance It Pays

By: Elizabeth Newberry

You have made a wise, responsible decision when you have decided to purchase a life insurance policy.

Life insurance can be an expensive purchase, too; because of this, many people choose not to pay for something they are not required to purchase. However, life insurance is important to both you and your beneficiary.

There are two basic kinds of life insurance – term life insurance and whole life insurance. There are also different kinds of term and whole life insurance policies, which means potential policyholders have a variety of options.

Therefore, consider doing a little research on the different kinds of life insurance policies, and purchase the one that best suits your needs, as well as the needs of your beneficiaries.

Term life insurance policies:

• Are pure life insurance, meaning they normally do not offer any other benefits other than death benefits.

• Offer life insurance protection for a specified amount of time.

• Are generally less expensive than any other kind of life insurance policy.

• Can be purchased as level term life insurance policies, which offer the same death benefit the entire duration of the policy, or decreasing term life insurance policies, which offer death benefits that decrease each year over the duration of the policy.

• May be purchased as “return of premium” policies, which means the policyholder will receive all or a portion of the premium paid over the course of the policy.

Whole life insurance policies:

• Offer not only life insurance coverage, but provide a savings component as well.

• Offer life insurance protection for the rest of the policyholder’s life.

• Are generally more expensive than term life insurance policies.

• Can be used as estate planning tools.

• Can be purchased as traditional whole life insurance policies, universal whole life insurance policies, or variable universal whole life insurance policies, which gives the policyholder a wider range of options from which to choose.

About the Author:

To get free quotes and learn more about insurance please visit the following recommended sites.

Term Verses Whole Life – When It Comes to Life Insurance It Pays
Budget life insurance for seniors
Life insurance information that can save you money


This Article is Brought to you by:

Life Insurance Tips Related Articles:

Whole Life Insurance Comparisons - The Right Way To Go

Using the right strategy, you'll pay far less by doing whole life insurance comparisons. The more extensive and thorough the process is, the better the results you'll get. But like everything else you coul...

By: Chimezirim Chinecherem Odimba

Positive Aspects of Whole Life Insurance

Nearly every form of life insurance has pros and cons. Here, we look at the positive aspects of whole life insurance. A discussion of the positives of Whole Life Insurance could very well begin wit...

By: Bary Waxler

Why Term Life Insurance is the Smart Option

By far, the most efficient way to obtain life insurance is through a term life insurance policy. term life insurance policy Some financial advisors insist that their clients use whole life insurance rather than term life...

By: Kinney Dancair

Updated Life Insurance Related News:

CORRECTED-ING Asia life insurance sale shifts into top gear

(Corrects paragraph 11 to clarify CEO comments on proceeds from Asian sales) By Denny Thomas HONG KONG (Reuters) - Global insurers Manulife Financial Corp, Metlife and Prudential Financial Corp are am...


ING's Asia life insurance sale shifts into top gear

By Denny Thomas HONG KONG (Reuters) - Global insurers Manulife Financial Corp (MFC.TO), Metlife (MET.N) and Prudential Financial Corp (PRU.N) are among suitors expected to place first-round bids on Fr...


Manulife, Metlife submit bids for ING Asia sale: sources

Manulife Financial Corp and Metlife are among the companies that have submitted first round bids for ING's entire Asia life insurance business, sources said on Saturday, in what could be the large...


Guardian Life Announces Strong 2011 Performance

The Guardian Life Insurance Company of America today announced that the company delivered strong results in 2011, achieving solid financial and investment performance, g


Life Insurance Providers Could Benefit by Increasing Outreach and Education, ...

NEW YORK, May 17, 2012 /PRNewswire/ -- A prime reason many uninsured individuals don't have insurance coverage is that no carrier has invited them to purchase their products, according to a Deloit...


Online Insurance Marketplace Specializes in Selling Family Life Insurance

Online Insurance Marketplace ( /go.php?url=http://www.onlineinsurancemarketplace.com ) announces a new section on their site, tips for buying family life insurance. (PRWeb May 18, 2012) Read the full story at htt...


10 ways to save money on life insurance

Read the Spanish version: 10 maneras de ahorrar dinero en tu seguro de vida Just as there are different life insurance plans to meet your needs, there are different ways to save money on


Reports: Bidding Deadline For ING's Asian Life-insurance Arm On Friday

Reports: Bidding Deadline For ING's Asian Life-insurance Arm On Friday


KB Financial, Korea Life Insurance Submit Bids For ING's Korean Operation...

South Korea's KB Financial Group Inc. (105560.SE) and Korea Life Insurance Co. (088350.SE) submitted separate bids to buy ING Groep N.V.


Annual Eastbridge Study Finds Life Insurance Sales Had an Increase for the Th...

Total 2011 voluntary sales for all products was $5.478 billion , according to Eastbridge?s annual U.S. Worksite/Voluntary Sales Report.



Website Friends: