Term life insurance is more affordable than any other type of life insurance.  Term life has no cash value.  There is no savings program associated with it.  You can compare it to renting a house.  You own nothing.  If you stop making payments it terminates. 

Whole life policies are cash value policies.  There is a savings program associated with it, so, you pay more.  If you stop paying the premiums the cash value will continue the policy until the savings portion dissipates.

Term policies are based on your age, height, weight and medical condition.  If you smoke or are overweight or have medical problems you can expect to pay higher premiums.  If you are aged you can expect to pay higher premiums.  Some life companies will not offer insurance to those who are terminally ill.  If you have a bad driving record, like a dui or more than 2 points on your driving record you can expect to pay a higher premium as well.

There are many life insurance companies out there.  You need to shop for the best premium as companies have different rates for people.  It’s best to talk to an experienced agent who is associated with many different companies to get the lowest rate for your situation.

The agent will talk to you about your history and also help you determine which policy is right for you as well as help you determine how much life insurance is needed.

Remember, the life insurance policy is not for you, but for your surviving family should something happen to you. 

If you have any questions contact your agent or this author.