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There are two kinds of life insurance policies: whole life policies, which is a type of permanent insurance and term insurance, which is temporary.

The Whole Life

The whole life type combines life coverage with an investment fund. There are several kinds of permanent insurance for which the return on investment is calculated differently. If you are interested in this kind of life insurance, the best thing would be to directly get information from different agencies and see what options they have to offer. However, you should know that policies with an investment component are very expensive; they can cost many times more than term policies, and the returns indicated by the agencies are often guessed and they rarely correspond to reality. We strongly suggest you keep investments and insurance separate; there are better places to invest.

Term Insurance

doesn’t have an investment component. You simply buy life coverage for a specific period of time (until your dependents leave the nest or your retirement income starts) on condition that you pay the monthly premium. The term is annually renewable and is purchased year by year but without the need to prove your good health again each time.

The younger and healthier you are, the cheaper the premiums are. So you might want to buy as early as you can, but of course, not until you have dependants. Also, make sure you have enough coverage. But what exactly is enough coverage? The intention of the life insurance is to replace your income in case of death so your dependants can maintain their current standard of living. Several factors come into play when choosing how much coverage you need: age of your dependents, remaining parent, additional expenses following the departure of a parent, other assets on which to draw, etc. Experts suggest you need enough insurance to replace five to seven years of your salary. However, if you have young children or significant debt, you may need more coverage.

Also very important, you will need to figure out how long you will need the coverage for. Agents will try to sell you policies you can keep throughout your life, but let’s be honest; you don’t need life insurance all your life! Remember sales agents depend almost entirely on commissions, and the commissions are not insignificant! It’s no wonder, then, that they push whole-life policies; it’s in their very own interest, not necessarily yours! Once again, the same kinds of factors presented earlier come into play when choosing the term of your policy. Make sure you analyse everything correctly

Source: CNNMoney.com