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Let's face it life insurance is not something most people want to talk about or shop for but it is something each family should have. Many families put off buying life insurance because it is not required like auto insurance or home insurance. You know this is the wrong way to look at it but life is busy and everyone just needs to take some time to commit to protecting the ones they love.

Should I get Term Life Insurance or Permanent Insurance?

Life Insurance Quote There are two primary types of life insurance, term and permanent. Term insurance is the most popular because it is the cheaper option but permanent life insurance can offer more protection. Term life insurance policies are set in blocks of years such as 10, 20 and 30 year terms. Once the term is over the policy no longer is valid. These policies offer the most death benefit for the lowest premium but they do expire. Often referred to as renting your life insurance it is a great option for someone who wants a large amount of life insurance for a set period of time.

Now permanent life insurance usually comes in the form of a whole life policy or universal life policy. These policies don't have an expiration and accumulate a cash value similar to a savings account within the policy. A portion of your premium is set aside in this "Cash Value" which adds to the death benefit and can be withdrawn but you may incur a penalty for early withdraw. The primary reason a permanent policy makes sense is the longevity and cash value account. Over many years the cash value will earn interest and may accrue to a point where it is worth more than you paid for it. Permanent life insurance is much more expensive in fact it generally is 5 to 10 times more in cost than a comparable term policy.

How Do I Get The Most Affordable Life Insurance Policy?

Whether you choose to go with a term or permanent policy the premium amount will vary from company to company. We can provide you with a simple 3 step process to compare trusted life insurance companies and find the policy that fits your budget.

Step 1 - Enter your zip code in the quote box above and click "Get Quotes"

Step 2 - Complete the secure form with the type of life insurance you want

Step 3 - Compare rates from leading insurance companies and ask agents questions has a network of the most trusted life insurance companies such as New York Life, Prudential, MetLife and John Hancock. It is easier than you think to find inexpensive life insurance but you must be open to starting the process. Your family will hopefully never have to use it but if they do you will be proud of yourself that it was available to them.

How Much Death Benefit Do I Need?

There is no formula that is guaranteed to provide the right amount of life insurance but we can give you a way to consider how much life insurance you need. Start to think about why you are getting life insurance and this will help you figure out the dollar amount. For example if your goal is to make sure your kids can go to college and your spouse has enough money to pay off all debt then you know what to add up. Many people are given the 10x rule which states to multiple your annual earnings times ten and this will provide the right amount of insurance. While this is a good place to start it doesn't get to the heart of why you are getting the insurance.

Figure out why you are getting life insurance and then determine how much it will cost to fulfill that need. There is never a right or wrong answer because you never know what will be needed. Having some life insurance is better than none so you are starting on the right path.


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