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Life Insurance Quotes For Permanent Life and Term Life Insurance

There are two very different kinds of life insurance:

  • Term life insurance:
    This policy only covers you in case of death and only for a specific term.

  • Permanent life insurance:
    This policy not only insures you in case of your demise but also has a fixed premium for as long as you keep the policy. It also may build in value over time. Permanent insurance is also known as whole life or universal life.

Life Insurance Choices

Both term and permanent life insurance offer the security that comes with knowing your family's future is protected, but there are some major differences.

Term Life Insurance

Term, as the name implies, is purchased for a specific term or period of time. Usually, the insurance term is for 1 year, 5 years, 10 years, 20 years or 30 years. At the end of the term, the policy holder may have the option to renew the term insurance for another term. However, insurance rates may change under the new term policy -- and generally they will go up. This means that the cost of your premiums are not guaranteed except for the term that you initially purchased the policy for.

Permanent Life Insurance

Permanent life insurance has a fixed premium rate for the entire time you have the insurance policy, i.e. for as long as you live. You can also sometimes build up cash value in your permanent insurance plan, meaning you can borrow against the cash value and your beneficiary can still collect the death benefit at the appropriate time. However, remember that any loan taken from the death benefit is subtracted from the value of the policy that will be paid out at the time of death.

Which Policy Should You Get?

Many financial experts recommend buying term insurance for the period of time when you need the most protection. For example, a young father with two young children would want to protect his family until his children were grown and finished with college. After that time, however, his family would have less need for life insurance. Generally the cost of term life insurance will be quite reasonable when you are young.

If you want life insurance for your entire life, then permanent insurance is the best buy, but it will generally cost more. And if you want your policy to accumulate a cash value over time, the cost of premiums will be even higher.

Permanent insurance that builds a cash value is essentially an investment and many experts believe that you would be better off simply making an investment in other kinds of financial vehicles such as a government bond fund, rather than using life insurance.

Get Free Life Insurance Quotes

To window shop for term or permanent life insurance fill out our easy to use form here at We work with many insurance companies. We have knowledgeable insurance agents that will be glad to answer any of your questions.


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