| Term Life Insurance Vs Life Insurance (Whole | | | | policy, is guaranteed in the contract to never |
| Life) is a question commonly asked by people | | | | decrease. The premium payments that you pay |
| that are looking to buy life insurance, yet are not | | | | to the insurance company are also guaranteed |
| certain of what type of policy they should | | | | and will never increase. Whole life policies build |
| consider. | | | | what is called "Cash Value". After about three |
| Term life is not permanent coverage. It is | | | | years, the policy builds a monetary value that can |
| temporary and only lasts for a certain period of | | | | be paid to you, should you desire to either take a |
| time specified in the policy. Term insurance is | | | | loan against the cash value or simply "surrender" |
| typically sold as Annual Renewable Term. This is a | | | | the policy to the insurance company and thus |
| policy that renews every year with premiums | | | | receive a check in the amount due to you. Keep |
| increasing every year. The benefit of "Renewable | | | | in mind that if you do surrender the policy to |
| Term" is that you are guaranteed to have | | | | receive cash proceeds, the policy will no longer be |
| insurance coverage regardless of health. Once the | | | | in force or provide a death benefit to your |
| policy is in place, although your premiums do | | | | beneficiaries. |
| increase every year, you do not have to provide | | | | With just your date of birth and basic information, |
| evidence of insurablity. Other common term | | | | you can compare life insurance quotes and policies |
| policies are 3, 5, 10, 15, 20, 25 and 30 year term. | | | | from several life insurance companies in one place, |
| The shorter the term of the policy, the lower the | | | | without having to be bothered with multiple forms. |
| rates. | | | | You're not applying for insurance... just taking a |
| Life insurance (Whole Life ) is permanent | | | | look at what each company can offer you so you |
| coverage that lasts for the rest of your life. The | | | | can compare rates... |
| death benefit, known as the face value of the | | | | |