Tags

, , , , ,

There is a Major Difference Between Term and Whole Life Insurance – Find Out Before You Buy :: From Best Life Insurance Brokers

by on October 26th, 2009


Have you wondered what the difference is between term and whole life insurance?

If you’re planning on purchasing either you better know which one is right for you. I know I didn’t when I was first looking for life insurance. And the difference could cost us big bucks.

Let’s start off with Term Insurance.

1. Term Expires after a given amount of time. Could be 5, 10, or 30 years.

2. Term has adjustable premiums. Could be fixed or variable.

3. Term is used to protect against large debts like a house.

4. Term is much less expensive than whole life insurance.

Term can also be used to protect for a few years close to the end of your life. It will be expensive but whole life is almost impossible to get after 65.

Whole Life has some different traits.

1. It is much more expensive than term.

2. It builds a cash value

3. Normally bought in lower amounts than term to pay for after death expenses as well as inheritance.

Now they do both have one thing in common. They are vastly cheaper when purchased young. Unlike anything else insurance rates skyrocket after the age of 25. Then pretty much every year after that the premium will go up. The good thing is that if you act on it when you think you need it you can lock in that premium for life.

No matter which one you choose make sure you get multiple quotes before making a decision.

Warning: Most people ignore this step and waste thousands of dollars.

BEST LIFE INSURANCE BROKER :: Click here now www.BestLifeInsuranceBrokers.com

Post to Twitter

Related posts:

  1. There is a Major Difference Between Term and Whole Life Insurance – Find Out Before You Buy :: From Best Life Insurance Brokers
  2. There is a Major Difference Between Term and Whole Life Insurance – Find Out Before You Buy :: Best Life Insurance
  3. There is a Major Difference Between Term and Whole Life Insurance – Find Out Before You Buy :: Banner Life Insurance
  4. There is a Major Difference Between Term and Whole Life Insurance – Find Out Before You Buy :: AAA Life Insurance
  5. There is a Major Difference Between Term and Whole Life Insurance – Find Out Before You Buy :: Best Life Insurance Company

From Best Life Insurance Brokers

Comments are closed for this entry.