Life Insurance
Life insurance is a form of insurance that protects a family in the event of the untimely death of a loved one. When an individual consumer purchases a life insurance policy, that consumer pays a monthly premium to a life insurance company with the understanding that, in the event the consumer dies, a specific financial payment will be made to the family to insure financial commitments are able to be met. Typically, life insurance policies are purchased to cover the early death of a household’s primary earner. Although there are many different things to think about when buying a life insurance policy, the consumer first must decide between two main categories of life insurance when obtaining a free life insurance quote.
The first, and least expensive, type of life insurance is term life insurance, which provides insurance against untimely death in exchange for a guaranteed monthly premium over a specific period of time. Once that period of time comes to an end, the life insurance company can change the monthly premium amount, and/or the consumer can decide to stop making payments. Thus, term life insurance is life insurance for a guaranteed monthly premium over a specific period of time, and is the cheapest way to obtain life insurance.
The second main type of life insurance is whole life insurance. Although there are many different variations of whole life insurance, broadly speaking, whole life insurance covers an individual’s entire life at a guaranteed flat monthly premium. In exchange for a monthly premium payment, the life insurance company guarantees that it will offer the individual consumer coverage throughout his or her entire life at a previously specified monthly rate. As long as an individual with whole life insurance continues to make the monthly premium payment, that individual will be covered in the event of death. Whole life insurance is more expensive than term life insurance.
To obtain your free life insurance quote, simply enter your zip code in the box to the right above.