Some believe that for the purpose of life insurance term life is the best, while some others take it to be a useless policy, which hardly ever provides any return. The later category do not mind spending more, but would favor a whole or universal life insurance because these policies assure compulsory return. There is a third category, which does not have any inkling about the existence of different types of policies, If you are one of them, it is important that you be aware of them.

Know that all these different types of policies can be categorized under two distinct groups; the temporary term life and the permanent cash value policies. Among them, the term life is a pure insurance policy valid for a set term while the later group of policies is valid for the life of the insured and grows cash value separately from the death benefit. Consequently, they are more expensive than a term life, but on the pro side, can be cashed out after specific years. To understand it more clearly, let us look back into the history.

It is true that the seguros de vida was first conceived for the protection against the loss of income in 600 AD, It started in the form of a club with the intension to help the members’ families in case of their death. The concept never died out; contrarily it continues till date as term life insurance However, it never became a viable business option because most policyholders did not like the idea of paying for years and then getting nothing out of that.

You must understand that a term life is sold for a maximum period of thirty years. In fact most insurers provide the coverage for 10/15/20/25/30 years, though some may do that even for a one or five year term. The point is that if you buy the policy at the start of your career for thirty years, it will lapse by the time you reach sixty. This period may be adequate for taking care of your financial obligations; but few actually expire within such period. Consequently 99% of the policies terminate without having to pay any benefit. Most policyholders do not like that.

However, the proponents of the term life have equally valid counterarguments. Today if you try online life insurance quotes can be accessed very easily. You will just have to fill up a quote form and then hit the submit button. If the broker is well established, you will have quotes from various carriers pouring down on your monitor. You are now to compare these quotes and choose a suitable policy. It is as easy as that.

Now you can compare the quotes from the different policies and when you do this you will find out that the term life is much cheaper and if you invest the difference amount wisely you can get a very good return. Whether you take a term life insurance or a whole life insurance, the company will give the insurance benefit only if you die while the policy is active. A universal or a whole life insurance offers a return only because you pay separately for it; but a term life charges only for the cost of insurance and so they cannot provide anything other than tat.

The term life insurance is affordable but for this the applicant has to meet a certain criteria. Smokers have to pay a high insurance rate under the term life policy. There are some insurance companies that offer the low cost life insurance rates for smokers. If you want a cheap insurance rates then you can contact insurance brokers who will be able to help you with this.

However, if you really want to receive the coverage at affordable rate, you too should take care of the following points::

– Since age at the time of policy purchase is an important issue, one should buy the policy as early as possible. Life insurance policy becomes much too expensive once the applicant reaches fifty and if he is sixty, the graded life may become his only option.

– Higher body mass index can have an adverse effect on your lifespan and so lead an active life.

– Since ailments can have the same effect, leading a healthy life is also prerequisite.

– Also lead a safe life; the carriers will enquire into that as well.

– Give up tobacco use if you can. At least keep it under control.

Article by David Livingston of EQuote, who\’s a specialist in everything relating to life insurance. If you are interested in getting more information about whole insurance or simply would like to learn more about affordable no exam term life insurance rates, you should visit his site today as there are a lot of information that you will find useful.

Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information, visit his site at http://www.equote.com/life-insurance/universal-vs-term-insurance/.

Author Bio: Article by David Livingston of EQuote, who\’s a specialist in everything relating to life insurance. If you are interested in getting more information about whole insurance or simply would like to learn more about affordable no exam term life insurance rates, you should visit his site today as there are a lot of information that you will find useful.

Category: Finances
Keywords: life insurance term life, online life insurance quotes , low cost life insurance rates for smokers