Term Life Insurance

There is a wide range of differences between whole and term life insurance. The most substantial is that term life insurance offers coverage for only a specific period of time (Generally one to 30 years), as opposed to the duration of your life. There are a number of advantages to term life insurance. However, it is important to take your specific needs into account before settling on a policy.

With a term life insurance policy, death benefits are granted only if the policyholder dies within the term period. When the term has expired, it will be necessary to reapply for coverage. In most cases, each time you reapply the premiums on the policy will go up. However, when initially purchasing a term life policy, you will find that premiums are often much lower than those attached to whole or other permanent insurance plans.

The second major difference between term and whole life policies is that term life generally does not offer a cash value. This means that you cannot exchange part or all of your policy for monetary compensation. Some consider this a disadvantage, preferring the flexibility of permanent policies. However, trading policy payments for cash can greatly reduce the death benefit attached to a policy, and there are many that believe insurance has only one purpose and that the benefit should not be tampered with.

At TermProvider, we offer you options on every policy that fits your needs. You will not simply have two or three policies to choose from, as you would with most services. We are committed to helping you find the best rates–not just the best quotes.

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