Male   Female
  • Most cost-effective term life insurance policy for a family
  • March 1, 2014
  • cost of term lifeBy

    It’s no secret that times are tough and money is tight. Fortunately, term life insurance provides inexpensive protection for you and your family.

    So what is term life and what makes it unique from other life insurance plans? The biggest difference is that it provides protection for a limited period of time, notes Edward E. Graves, author of “McGill’s Life Insurance.”

    Generally, these periods are from one to 30 years and can last to age 65 or above. The face amount of the policy becomes payable if you die during the term.

    Another unique characteristic of term life coverage is that premiums are fairly low. Term contracts protect against the contingency of death, not the certainty of it. Under a permanent insurance plan, the insurance company knows it’s going to have to pay death benefits since everybody dies eventually and this leads to higher premiums. However, a term-life contract only covers a fixed interval of years with a possibility of renewal. In many cases, term contracts may not cover the years generally associated with the highest mortality rates. In other words, you may pay more or be denied a term life policy if you are older.

    Smart Money helps people determine whether term life insurance policies are right for them with their “Whole Life Insurance or Term?” article online.

    “It’s an affordable alternative when people cannot afford the higher premium associated with permanent life insurance,” says David Theile, Director in Life/Health Product Management at State Farm.

    It should be noted that term life policies come with restrictions on the amount of insurance, the age when it can’t be renewed, and the age before it must be obtained.

    Nevertheless, their low costs make them ideal if you’re looking to save money.

  • Category: Articles Library, Life Insurance, Term Life

Leave a Reply



Consumer Insurance Guide SM provides a wide selection of originally-authored articles and expert advice targeted to the self-directed insurance shopper. Our mission is to provide consumers with useful, money-saving information on all things having to do with making sound insurance purchase decisions.

Consumer Insurance Guide SM is owned by Life Quotes, Inc. 8205 South Cass Avenue, Darien, IL. For editorial, content feeds, advertising and lead purchase opportunities, contact Robert Bland at

Originally founded in 1984 as Quotesmith Corporation, Life Quotes, Inc. owns and operates and, two online consumer insurance information services that cater to the needs of self-directed personal and corporate insurance shoppers.

About Us  |   Contact Us  |   Press Releases  |   The Best Privacy Policy  |   Life Insurance  |   Careers
For Agents & Brokers  |   Site Map  |  

Copyright ©1984-2015 Life Quotes, Inc., 8205 South Cass Avenue, Suite 102, Darien, Illinois. Life Quotes, Inc. and certain of its personnel are licensed as insurance agents, brokers or producers in all states. CA agent #0A13858, LA agent #200696, MA agent #333509159. dba Life Quotes Insurance Services in CA under agent #0827712, in LA under agent #205078. dba Life Quotes Insurance Services, Inc. in UT under agent #90093. All rights reserved. Telephone (630) 515-0170. Founded 1984.