« Scuba Diving and Snorkeling, Looe Key National Marine Sanctuary, Florida | Home | Tiffany Lamps: Elegant Choices »
Comparison between Term Life and Whole Life Insurance
By admin | October 4, 2008
When doing a life insurance comparison there are a lot of various factors to consider, each type of insurance has its positives and negatives. Permanent life insurance (also called whole life insurance) is generally more expensive but it is coverage that provides lifetime protection as long as the premiums are paid. Depending on the specific type of permanent life insurance you choose, it generally has a cash value and in some cases the premiums do not raise significantly over the life of the policy.
Term life insurance is coverage for a specific period of time, you generally can create your own plan with this type of policy. Term life is very popular because it is generally inexpensive when compared with other types of coverage. Around age 50 the cost of term life insurance starts to increase, but nowhere near the cost of permanent insurance premiums. However, when the term policy expires you are required to have a medical exam prior to receiving a new policy. Depending on your health condition, this could be considered a drawback. Whatever your situation or insurance needs are, you will need to carefully take time and evaluate the cost, benefits, drawbacks, and other pertinent data for each type of insurance.
Topics: Business |