Life Insurance Quote at

July 01, 2005 (PRLEAP.COM) Business News
Those looking for reasonably priced life insurance policies should check out the list of life insurance companies listed at

Companies listed at offer quotes for whole life insurance and term life insurance policies. Whole life insurance policies are based on a premium amount that remains constant over the insured party’s lifetime and covers the cost of the policy. The whole life insurance policy, which combines a death benefit along with cash value accumulation, is paid to the surviving members of the insured party’s family if the insured party dies while the policy is still in existence. In case the insured party is still alive when the policy reaches its maturity date, the face amount is paid to the party. The insured party will receive a lump sum in case the policy is cancelled for any reason.

Income saved by investing in whole life insurance policies can also be used after retirement, to supplement other sources of income, such as monthly pensions. Many people may also take a policy loan in an emergency and pay back the amount they borrowed.

Term life insurance policies, on the other hand, provide life insurance cover for a certain period of time while the policy is active. Term life insurance policies can cover various periods, from one to 30 years. The insured party pays a monthly or annual premium. In case of the insured party’s death while the policy is active, a death benefit is paid to the surviving members of the family. In case the insured party is still alive, the company does not pay out the policy but might request the party to either renew the policy or convert it into a whole life policy. However, consumers should be aware that the premium for a term life insurance policy can rise at designated intervals.

Consumers can choose from a wide variety of term life insurance policies. If they do not wish to deal with rising premium amounts, they should consider a level term life insurance policy. However, their beneficiaries would then receive a considerably lowered death benefit, which would not allow for rising prices due to inflation. Those wishing to take inflationary pressures into account while buying term life insurance policies can look at an increasing term policy, where the rise in the premium is based on a percentage or the retail price index (RPI). A convertible term policy is for those who want to move to a whole life policy in the future, whereas a renewable term policy is for those seeking short-term coverage. Consumers can also get information on the level family income benefit, which provides a family income in case of the insured party’s death.

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