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.

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.

Life insurance provides financial protection for beneficiaries in the event of the policyholder's passing. Below are the main differences between Whole Life Insurance and Term Life Insurance.

• Coverage Period
  Whole Life Insurance offers lifetime coverage, while Term Life Insurance provides coverage for a set period, typically 10, 15, 20, or 30 years.
• Premiums
  Whole Life Insurance premiums remain fixed for the policyholder’s lifetime. Term Life Insurance premiums are also fixed but only for the selected term duration.
• Cash Value
  Whole Life Insurance policies accumulate cash value over time, which can be accessed while the policyholder is alive. Term Life Insurance does not build cash value.
• Flexibility
  Whole Life Insurance coverage cannot be adjusted if needs change. Term Life Insurance offers flexibility, allowing policyholders to modify their coverage amount or term length as needed.

You can purchase term life insurance for 10, 15, 20 or 30 years. As long as you pay your premiums on time, your policy will remain active. If something happens to you while the policy is active, your beneficiary will receive a death benefit for the amount of the policy.

Most people between the ages of 18 and 80 can purchase term life insurance. It's possible for cancer survivors, diabetics and individuals who take medications for cholesterol, blood pressure and other conditions to obtain coverage.

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