Term Life Insurance Quotes Term Life Insurance Term life insurance covers a person against death for a limited time, the term. For example, the term might be until children are grown, or until college is paid for, or until retirement. You pay for the coverage period and at the end of the term the contract, or policy, expires. If no claims are made against the policy during the term, you don't receive any benefits after the policy expires, just like auto or homeowners insurance.
Term insurance is the cheapest way to obtain the maximum amount of coverage.
It provides mortality coverage similar to term, but it also provides a financial investment vehicle. A portion of the premium goes toward insuring your life while the other goes toward an investment account. Whole life insurance costs substantially more than an equivalent level term policy. Impaired Risk Impaired risk considerations add another variable to the financial planning picture. For many years, people with significant health history such as coronary artery disease, sugar diabetes, breast cancer, chronic mental illness, or substance abuse syndrome, were often unable to obtain coverage.