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Understanding Term Life Insurance and Getting Quotes

Life insurance can be a very confusing topic to say the least. But with a little bit of research you can become more comfortable when it comes time for you to purchase some. The most confusing part is that there are many different types of insurance out there. Knowing what purpose they all serve and knowing which type is best for you is the tricky part.

Basically, there are two types of life insurance; permanent and term. There are many different groups within these two types but let's just discuss the main types for now. Term life insurance is just as the name implies. It is sold for a term of years or for a certain amount of time, just like leasing a vehicle. It is usually sold in 10, 20, or 30 year terms depending on your individual situation and your budget.

Permanent life insurance is also known as whole life insurance. It builds cash value that is then used when a claim is filed. It is more like a lifelong investment but is much more expensive than term life insurance. The problem is that it is so costly that it can scare people off. Many people do not realize that there is a more affordable alternative to costly whole life insurance policies. They may see the huge rates that whole life carries and they automatically think they can't afford life insurance and may even leave their loved ones unprotected which is never a good idea.

This is where term life insurance comes into play; it is a cheaper alternative to whole life and will allow you to cover the ones you love. Term life is simple to understand. You pay a set monthly premium depending on the length and amount of coverage and that is it. You pay monthly for the predetermined term and you are covered. Terms are normally sold in blocks of tens and insurance coverage can vary from $100,000 up to several million.

Finding out what length of term and type of coverage you can get and at what life insurance rate has never been easier. The Internet allows you to go online and request term life insurance quotes at your convenience from the comfort of your own home. Some of the forms may only take 30 seconds to fill out with some common personal questions like name, age, sex, height, and so on while others may be a bit more detailed asking for your current health condition and whether or not you use tobacco products.

It is best to find reputable insurance companies to request life insurance quotes from. Obviously, you want the best rate possible but service and professionalism should also be a concern. It is fine to get an instant life insurance quote online just to see where you stand but from there it is best to actually speak to a representative to iron out the details and to see how they can help you. Life insurance quotes online make it easy to plug into your monthly budget quickly so you can discuss it with your significant other before speaking with anyone.

Brian Greenberg is the owner of the life insurance website, CompassQuote. To get a universal life insurance quote (www.compassquote.com/universal-life-insurance-quote/) or term life insurance quotes, please visit his website.

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