Important life insurance for us

In buying life insurance, we have a choice between Permanent Insurance and Term Insurance. Which kind is better or what works for you depends on your financial capacity and personal choice as a whole. But to give you an idea on which life insurance type to avail, here’s a comparison of both that will hopefully enlighten you and help you in your decision in buying life insurance for you and/ or your family.

Term Insurance, compared to Permanent Insurance, is a more affordable way to get insurance because compared to the latter, Term Insurance is good for a certain period of time (For example, 10 years or 30 years). But this may be its own disadvantage as well since what if you need the insurance AFTER your insurance term expires? Permanent Insurance on the other hand, is more, in fact, very expensive than Term Insurance, but it provides a lifetime coverage, saving you from the worry of needing the insurance after it expires.

When it comes to the difference in cost between the two kinds of life insurance, there are many options you can choose from: you can either review your current insurance coverage (if you already have one) and base your next decision from there, hire a professional insurance agent or financial planner to help you make the right decision in choosing the best life insurance policy for you, or browse online to give you an idea on the many price quotes available in the market today.

Life Insurance websites such as StateFarm.com and QuickQuote.com are good options for getting a second term life quote. By providing certain information such as state of residence, age, gender, and even tobacco habits, you will get an estimated price quote on your life insurance. But for actual life insurance prices, you should consult an insurance agent to give you a clearer and more accurate quote. Life insurance prices of course also vary depending on your health status, financial capacity and the insurance company’s rules and guidelines.

Based on statistics and experience, most people prefer Term Insurance than Permanent Insurance. The former is obviously cheaper to attain and thus a better choice especially for low-income or middle-class people. But there are times when the latter is the better choice. Though Permanent Insurance is more expensive than Term Insurance, the overall coverage over the life of the policy may end up cheaper compared to the cost of renewing a term policy. As an advice, “do not choose permanent insurance to have a whole heap of life insurance coverage for needs that are ultimately temporary.”

All in all, exhaust all your knowledge and options before deciding on which insurance policy to buy. Different strokes for different folks, so to speak. What’s important is, in the long run, you will have your time and money’s worth.