Life Insurance FAQs
Frequently Asked Questions
| Whole Life Insurance | Term Life Insurance | Universal Life Insurance | |
|---|---|---|---|
| Coverage Period | Lifetime Coverage | Preset coverage period, typically 10, 15, 20 or 30 years | Lifetime Coverage |
| Premiums | Premium amount is set for the lifetime of the insured | Premium amount is guaranteed for the policy term selected | Premiums do not change, but have flexibility on payment. |
| Cash Value | Many policies generate a cash value which can be utilized during the lifetime of the insured | Cash values are not available | Has ability to accumulate cash value for college, retirement or emergencies. |
| Flexibility | Can't be amended if your coverage needs change | When your coverage needs adjust, your coverage amount or term length can too. | Flexible payment options with potential to adjust coverage as needs change. |
What is Term Life Insurance?
Term life insurance is the most affordable way to protect your family’s financial security if something happens to you. It replaces your income and helps ensure that the ones who depend on you can support themselves in your absence.
Term Life insurance provides coverage for a specific period of time. Because you only pay for the coverage for as long as you need it, term insurance is considered more affordable than whole life insurance.
What is Whole Life?
A type of permanent life insurance that provides coverage for the insured’s lifetime, as long as premiums are paid.
What is Universal Life?
A permanent life insurance offering flexible premiums and coverage levels that can accumulate cash value that can
be accessed during your lifetime.
Why are so many online quotes inaccurate?
Many instant online quotes are not accurate because they’re based on very little personal information. Your health history and a number of personal factors are utilized to produce more accurate quotes. This is why it is important to speak to a licensed professional. Different companies have different prices and also can specialize in favorable rates for different risks.
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We do not offer every plan available in your area. Currently, we represent 8 organizations which offer 75 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Assistance Program (SHIP) to get information on all of your options. This is a proprietary website and is not associated, endorsed or authorized by the Social Security Administration, the Department of Health and Human Services or the Center for Medicare and Medicaid Services. This site contains decision-support content and information about Medicare, services related to Medicare and services for people with Medicare. If you would like to find more information about the Medicare program please visit the Official U.S. Government Site for People with Medicare located at http://www.medicare.gov