term life insurance vs whole life insurance

what is a term life insurance

Some term policies may also be converted to permanent life insurance policies without the need for a medical exam. This includes whole or universal life insurance. Permanent life policies can be more costly once converted.

There are two main types of life insurance: term and permanent. Within these two categories, there are various types of policies. Understanding what is right can help you build a robust life insurance plan.

term life insurance

Term life insurance can be a very affordable option. With a few simple questions, you can find out how much coverage is available to you and how much it might cost. We can help you follow the steps to get covered if you like what you see.

is term life insurance

Term life insurance (also known as pure insurance) guarantees the payment of a death benefit to the insured person if they die within a specific time period. The policyholder has the option to renew the policy, change to permanent coverage or terminate the term life insurance policy after the term ends.

It can be daunting to learn the intricacies of each type of life insurance, especially when you are purchasing your first policy. Hence, many people choose term life insurance. It is a great choice for anyone, especially young families who are on a tight budget and need temporary coverage. Term life insurance has four benefits.

is term life insurance
insurance quote term life

insurance quote term life

You may be eligible for guaranteed universal life insurance policies, which have low rates for elderly people, if your age is below 80. For those with pre-existing diseases, guaranteed wholelife insurance could be the best option.

No-questions-asked coverage. Guaranteed issue lives up to its name, helping to make sure that you're covered regardless of your health or age. A type of permanent insurance, it will last as long as your premiums are paid. If you're facing a serious condition, like cancer or heart disease, guaranteed issue can help provide for your family after you're gone.

life insurance vs term insurance

If you are under 80, or reasonably healthy you may be able qualify for term or guaranteed universal insurance policies that offer low rates to the elderly. If you have any pre-existing medical conditions or are unable to get coverage through term insurance, guaranteed whole-life insurance might be the best choice.

No medical exam is required to apply for guaranteed life insurance. Guaranteed-issue policies do not require you to answer any questions about your medical history.

whole or term life insurance
whole or term life insurance

When shopping for simplified issue term life insurance, you should make sure that a policy is described as "level term" or as having "guaranteed level premiums" for the term length. These phrases mean that the term life insurance quotes you receive reflect the price you'll pay for the entire policy length.

direct term life insurance

The death benefit can replace your financial support for decades and ensure your family won't struggle to cover the costs of a mortgage, funeral, care, and college for your kids. It also means your spouse can continue saving for retirement or have money to support an ageing parent.

direct term life insurance

Frequently Asked Questions

How much term life insurance coverage do you need? It depends on your financial situation, income, debts, family needs, and future financial obligations. A good rule of thumb is to have coverage that's 5-10 times your annual income.