Term Life vs. Permanent Life Insurance

September 2, 2009 by cwandt

There is much debate on which life insurance policy is better – term life or permanent life? I’m here to give you a simple side-by-side comparison. As always, please do research into both on your own and contact a professional life insurance agent.

Term life insurance is lower cost than other life insurance policies which makes it very attractive especially in today’s economic uncertainty. Term Life is obtained for a specific amount of time such as 10, 15, 20, 25, 30 years, whereas Permanent Life Insurance is for the life of the insured. Therefore, the cost for Permanent life insurance premiums is significantly higher which might price some people out of being able to afford it. The nice thing about Permanent is that you do not run the risk of in 15 to 20 years (or whatever term length you have chosen) having an issue getting a new policy due to age and/or health issues.

Quick Side-by-Side Comparison:
Term Life Insurance	Permanent (Whole) Life Insurance
Low Cost	Significantly Higher Cost
Fixed Coverage Period	For the Life of the Insured
No Interest	Interest Accrues
No Cash Value	Cash Value

As always which you choose is best determined by you and a professional agent. There are many online quoting sites where you can obtain free quotes within minutes. Our company, America Direct, deals in Term Life. Get your free term life insurance quote here.

For permanent (whole) insurance I have found the following sites that offer more information and free quotes.

Spectrum – http://www.spectruminsurancegroup.com/whole-life-insurance.php*

CompuQuotes – http://www.compuquotes.com/index-wholelife.jsp*

*By providing this information, we are in no way affiliated with or endorses these companies.

Author: Christine Wandt, Internet Marketing Specialist