Why You Should Compare With QuoteWizard
- You and your family deserve top quality life insurance. We can help you get it.
- We connect you to life insurance agents from top companies competing for your business, so you get the best deal.
- We’re not affiliated with any single life insurance company.
- We’ve been doing this since 2006 and have connected over 50 million people to great policies with affordable rates.
Five factors that impact rates
- Buying life insurance costs a lot more as you age
- Men, smokers, and obese people all pay higher rates
- If you have a chronic health condition, it will raise rates
- A whole life policy costs more than a term life policy
- Higher death benefits come with higher premiums
Life Insurance Basics
The vast majority of people who shop around for life insurance do so for one reason. It offers some measure of financial security for loved ones should they pass away unexpectedly. The most common example of this involves parents who want to financially provide for young children who currently depend on their income for survival.
Life insurance also is regularly called on to safeguard the lives of adult dependents, such as older children, grandparents, parents, or siblings. Couples often find this kind of insurance appealing, too, especially in cases where the death of one partner would cause the other to suffer financially.
The Different Types of Life Insurance
Term Life Insurance
This type of policy covers you for a specific period of time, such as 10, 20, or 30 years. It only pays out a benefit if you die during that particular “term.” The premiums for this type of life insurance are usually lower than the premiums you'd pay for a comparable level of whole life insurance. Although under most circumstances term rates will rise as you age.
Whole Life Insurance
If you’re looking for insurance that will provide protection for the rest of your life, a whole life policy may be the product for you. Generally speaking, the premiums you’ll pay for whole life insurance will be higher, at least initially, than those you would pay for the same amount of term life insurance. Unlike most term premiums, though, those associated with whole life tend to remain level throughout the life of the policy.
Varieties of Term and Whole Life
Within the term and whole life insurance categories, there are a number of varieties or variations from which to choose. The two main varieties of term life insurance are called level term and decreasing term. The related death benefit stays the same through the entire term in the former and dropping over time in the latter. Whole life insurance offers even more options to would-be buyers. The most common are (traditional) whole life, universal life, variable life, and variable-universal life.