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Term Life Insurance

Your first option when you get a life insurance agent quote is a term life policy. Term life insurance is the most basic and least expensive type of coverage. Term life provides coverage over a certain period of time, or term, that ranges anywhere from one to 30 years. If you die while the policy is in force, your beneficiary will receive a death benefit. If you are still alive when the term expires, your coverage ceases and your policy has no further value. Usually, you can renew your policy upon expiration, but the premiums will increase as you age and may become unaffordable later in life. If you want to get a life insurance agent quote on a policy that is the least expensive in the short-run, term life is a wise option.

Permanent Life Insurance

Permanent life insurance is the second type of policy on which you can get a life insurance agent quote. Permanent life insurance usually comes in three forms:

• Whole life insurance. Whole life provides insurance protection as well as cash value. With whole life, your premiums will remain fixed for the duration of the policy. Your policy will also accrue cash value on a tax-deferred basis over time. Some whole life policies also provide dividends, though this is not guaranteed. When you get a life insurance agent quote, keep in mind the cash value of this type of policy may be withdrawn from or borrowed against to help you cover major life expenses.
• Universal life insurance. This is a flexible life insurance plan. Universal policies allow you to adjust the death benefit and premium payments (within certain limits) to fit your changing needs. Like whole life insurance, universal life also accrues cash value that can be withdrawn from or borrowed against. You may also use the cash value to pay your premiums. You should consider universal life when you get a life insurance agent quote if you need flexibility in your plan and/or expect your needs to change over time.
• Variable life insurance. If you would like to invest the cash value of your policy in funding options that, in turn, invest in stocks and bonds, you might consider a variable life policy when you get a life insurance agent quote. With variable life, you decide how your cash value is invested, and you also assume the investment risk. Thus, market performance will directly influence the amount of your death benefit.

If you have any questions, please check out our Frequently Asked Questions page.