When consumers compare life insurance, the cost of term life insurance is usually less than the cost of a whole life or universal life insurance policy, making term life insurance the cheapest type of life insurance coverage available in the United States. Term life insurance is temporary insurance and the rates are calculated a bit differently than the rates of whole and universal life, since the time period that the policy coverage is in effect is shorter than the insured person’s life span, depending on whether the policyholder choose a 1, 5, 10, 20, or 30 year term life insurance policy.
Term vs. Permanent Life Insurance
When the cost of permanent life insurance is calculated, rates are based on the age, health, and medical history of the insured person and the average expected life ...Read More