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Term and Whole Life Insurance

It is fairly easy and economical to purchase life insurance. However, you may be confused about the difference between Term and Whole Life Insurance and be uncertain about which one you should purchase.

Whole Life Insurance

Whole life will generally cost more. However, you can be assured that the cost of your premiums will not increase. Many individuals like the comfort of knowing that their life insurance premiums will not increase, especially someone who is nearing retirement age.

Whole Life Insurance usually offers an option to borrow money against a Whole Life Insurance policy. This brings comfort to many as they know if an emergency should arise, the funds are there for them.

Term Life Insurance

While Whole Life Insurance has been the choice of the majority of individuals who purchase life insurance, Term Life insurance is becoming more popular. The rise in popularity could be because many discovering that Term Life insurance is generally less expensive than Whole Life insurance.

The factors that go into determining the premium amounts you will pay for Term Life include age, pre-existing health conditions, family history, health risks, tobacco use and the amount of the policy. A Term Life Insurance policy can be locked in for 10 to 20 years. However, keep in mind that when it comes time to renew your policy, the premium may be increased.

How to Find Insurance

The Internet is a great resource for researching the different life insurance policies that are available. Many life insurance sites will allow you to calculate your payments based on the different amounts of coverage. Life insurance calculators are set up in such a way that you can enter pertinent information about yourself. This information will then be calculated to see how much life insurance you may need, as well as give you quotes.

You can also receive quotes from insurance companies in your area. Be sure to compare the policies you are offered side by side.

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