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Do you want to make sure that your family will be provided for in the event that you are no longer around to contribute? Purchasing a life insurance policy can be the best way to provide yourself and your loved ones with the peace of mind that comes with knowing that a personal tragedy won’t also lead to financial ruin for your family. It’s important to be aware that there are several different types of life insurance. Before you acquire a policy, it’s important to make sure that you understand the differences between the various life insurance options.

Bear in mind that price should not be the only consideration when looking at life insurance quotes. While you may not need the most expensive policy, the cheapest option might not provide the coverage you and your loved ones need. It’s important to look at the length of time the policy will be in place, the terms and conditions of the policy, and how the policy fits into your estate planning process.

The most important initial distinction is the difference between term and permanent life insurance policies.

Term Life Insurance: Term life insurance is the least expensive, at least initially, of the different types of life insurance policies. The reason that premiums are lower on this type of coverage is the fact that it does not provide protection for an indefinite period of time. When you purchase a term life insurance policy, you are buying coverage for a specific number of years. If the insured individual dies during the term of the policy, the death benefit will be paid to the policy’s beneficiaries. However, if the insured person is still living at the end of the term, the coverage simply expires unless it can be converted to permanent, whole life insurance (Note:  many term policies can be renewed annually at the end of the term, but the premiums are often cost-prohibitive).

Permanent Life Insurance: If you do not want a life insurance policy that could expire without paying benefits or could increase in price in your later years , you’ll want to investigate permanent life insurance options. These types of policies are more expensive to start off than term life policies, but they will remain in effect throughout the insured individual’s lifetime and stay level in premium as long as premium payments are made in accordance with the agreement. Both whole life and universal life insurance policies provide permanent protection.

Purchasing life insurance is an important investment in your future and that of the people you love. Make sure to research all of the life insurance types available to you before making a final decision.

Richard Reich

CEO - Licensed Agent

Richard Reich CEO and Licensed agent

In my 20+ years as an independent life and disability insurance broker, I have personally assisted thousands of clients with their life and disability insurance needs.  Being independent, I represent many highly-rated insurance companies and, because I am not beholden to any one insurance company, my focus is to find the right company and policy for each individual client. I believe that when people shop for insurance (or anything else, for that matter) on the Internet, they are looking for a simple, non-intrusive, non-pressure method of doing so.  I strive to treat my prospective clients with the utmost respect and I believe an educated prospect can make the right decision without sales pressure. Please feel free to contact me at your convenience.