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Types Of Life Insurance
Below we compare the different types of life plans, how long they last, and how they work.
| Term Life | Whole Life | Return Of Premium Term Life | Universal Life |
|---|---|---|---|---|
Duration | 1 - 45 Years | Your Entire Life | 20 - 30 Years | Your Entire Life |
Guaranteed Death Benefit | Yes | Yes | Yes | Yes |
Guaranteed Cash Value | No | Yes | No | Cash value can be depleted |
Monthly Premiums | Premiums can go up or be guaranteed level. | Premiums are guaranteed level. | Premiums can go up or be guaranteed level. | Premiums are usually determined by the customers. |
Policy Notes | Policy cancels or has to be renewed at the end of the level term. | Policy pays out at the end of the term along with any additional cash value. | Policy returns all the premiums paid into the policy at the end of the term. | Policy growth is based on market index rates. |
How Does A Term Life Policy Work?
Term Life is one of the most straight forward products when it comes to life coverage overall.
We created a complete guide that explains how term life works.
However, Like any insurance product your policy will have:
Even though they are the most affordable type of insurance product on the market, they will eventually end.
That's why with these products you either have to end them or have to renew them when the term is up.
So, it's probably best to purchase a term policy early on, for maximum savings.
Like with any type of insurance, the younger you are when you purchase it the lower the monthly premiums will be.
And you might even want to consider a no medical exam term life insurance policy because you can get approved much faster.
A term life insurance plan is going to cover you for any type of death.
This is also known as an all cause death benefit.
Will Buying Life Insurance Affect My Credit?
The quick answer to this will be, probably not, usually a life insurance company doesn't check to see if you have good credit or bad credit, before issuing or approving a life insurance policy.
There are however, some types of insurance that might check out you credit to determine if you are eligible for coverage like:
The above policies may also offer insurance discounts if you already have coverage with them for another line of coverage.
For other types of coverage like health insurance or pet insurance you probably won't see anyone requesting credit information either.
When it comes to getting life insurance you don't have to worry about it affecting your ability to apply for new rewards cards.
How To Buy Life Insurance Online
If you are looking to shop for a term plan online, then you have come to the right place.
We have made it easy to apply for life insurance online with some of the most technologically innovative companies in the nation.
Our process works in 3 easy steps:
1. Get A Few Anonymous Quotes
Don't be shy, use our quote engine today to get instant quotes without having to speak with an agent or give any personal information. Our Companies are all rated at least an A through A.M. Best.
2. Apply For Coverage (100% Online)
Once you have viewed the quotes you actually have the ability to apply for coverage. The application process is done entirely online and the underwriting happens in real time.
3. You're Covered
By the end of your application you will usually have an approval, at that point all you need to do is pay for your policy and a copy of it will be emailed to you.
We are seeing customers get approved with no exam coverage in up to 5 minutes or up to 2 weeks if you need an exam.
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