Of any insurance you can buy, term life insurance coverage can be relatively easy to comparison shop. Deciding whether you need it can be the confusing part. Health Insurance Shop, Inc. can help you determine whether you need term life insurance or other life insurance plans and how much coverage you should buy.
The most common types of Life Insurance policies are:
- Whole life insurance. Also known as permanent life insurance, has a fixed premium for the entire life of the insured, building up cash value during the policy and has fixed protection.
- Term life insurance. Term life is affordable because the monthly premiums are less than whole life policies. It is flexible because consumers can select the term and coverage amount and decide when to use it.
- Universal life insurance. This plan is typically cheaper than whole life insurance. Universal life insurance has a cash value benefit life whole life, but can be withdrawn and money can be seen by itemizing chargers.