Term Life Insurance or Whole Life Insurance ?

We should never neglect purchasing life insurance, it is a crucial contract that offers financial stability and protects the family in case of unfortunate events.  If you postpone this action for too long, you reduce the chances of getting the best premium rates on the market.

picture-of-a-couple-searching-for-the-best-life-insurance-policy-via-the-internet1-300x183As you grow older, you sense the need of having a life insurance, whether is term life insurance or whole life insurance, but a strict criterion in selecting the clients is age.  If you waited too long, you will not be eligible for many insurers.

But there are several companies that offer life insurance for seniors, you can easily find the best term life insurance companies with no physical exam required.  These companies sell no exam life insurance and they usually accept seniors over a certain age.

But again, you will have to decide whether you should choose no exam term life insurance or no exam whole life insurance.  For that, you must know the basics.

Term life insurance provides protection for a limited amount of time. It is usually preferred by those who work in dangerous conditions or their jobs put them often in life threatening situations.

This is the case for police officers or firefighters. They will retire at a moment in life and the risk will vanish. So, they do not need protection for the whole life, just for the time they work.

Term life can be used also by those with a slowly developing disease, life some forms of cancer. If they survive the treatment, they can renounce the contract after it expires.  The advantage for term life is cheaper premiums and the best coverage-price ratio for short to medium period of coverage.  The drawback is that the premiums will keep on getting more expensive as time passes by.

Whole life is a form of permanent protection and can also be considered heirloom.  All the money you save will be transferred to those you name it as beneficiaries. In this way you will help them cope with your loss and will prevent any financial collapse, by providing an income replacement.

Whole life has many other components and features like final expense insurance, an investment component and a borrowing against policy option.

You can read more by visiting our website. We also have the best quoting technology available on the market. Visit our website!

by Ciprian Gurgu