Life Insurance Quotes
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When you apply for life insurance quotes, you will have your choice of two different types of policies: permanent life and term life.
One type of insurance policy on which you can receive life insurance quotes is permanent life insurance.

Types of Policies

When you apply for life insurance quotes, you will have your choice of two different types of policies: permanent and term life. We will explain each of these policies in detail here.

Permanent

One type of plan on which you can receive price estimates is permanent life insurance. This type of product offers a lifetime of protection with the potential to accumulate cash value over time. The premiums never increase, which makes it a great investment. Though these premiums are more expensive than term, permanent coverage will save you more money in the long-run. Most permanent policies accumulate cash value on a tax-deferred basis over the life of the plan. Thus, when your death benefit is paid, it will also include the cash value of your plan at the time. Here are some of the features of these types of policies:

  • Premiums never increase, making lifetime cost lower than term life
  • Initially more expensive than temporary coverage
  • Lifetime of protection
  • Option to withdraw from or borrow against cash value of policy
  • Tax-favored treatment on earnings and some withdrawals and loans

Term

You may also apply for pricing estimates on a temporary plan. This is for those who need a specified period of protection. If you need a great deal of protection but are on a limited budget, these quotes tend to be much lower than permanent ones. With this type of protection, your costs will increase with age, which means the product might become unaffordable later in life. Most temporary plans offer a conversion option whereby you can convert the plan to a permanent one at any time. Temporary plans offer protection for a specified period of time, during which your beneficiaries will receive a death benefit if you die. If you have any questions, please visit our life insurance FAQ page. If, however, you are still living at the end of the policy's agreement, your protection will cease unless you renew. Here are some of the features:

  • Large amount of coverage for relatively little cost
  • Premiums increase with age, may become unaffordable
  • Ideal for those with temporary need for coverage
  • Does not accumulate cash value
  • Once policy expires, has no further value
Thus, when your death benefit is paid, it will also include the cash value of your policy at the time.
You may also apply for life insurance quotes on a term life policy.
Term life offers protection for a specified period of time, during which your beneficiaries will receive a death benefit if you die.
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If you need a great deal of protection but are on a limited budget, term life insurance quotes tend to be much lower than permanent life quotes.