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- Whole Life Insurance & Term Life Insurance Quotes
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LIFE INSURANCE QUOTES
Budget Life serves term life insurance and whole life insurance consumers with online life insurance rates from top rated companies. Find your best insurance company and lowest rate. Then get an affordable life insurance quote, whole or term, to protect your family. Budgetlife is committed to referring you to top rated life insurance companies.
Term or Whole Life Insurance?
Whole life insurance, also called permanent insurance, is permanent and does not expire (assuming you continue to pay the premiums). It provides coverage similar to term life insurance, but it also provides an investment vehicle. A portion of the premium goes for life insurance, while the rest goes into an investment account. This account can be an interest bearing account or a variable (stocks and bonds) investment account.
Which is better (our opinion)? A young family with large financial obligations is usually better off with a term life insurance policy. The substantially lower premiums enable them to purchase sufficient coverage to protect against loss of income. Any discretionary investment funds can be placed in other vehicles (mutual funds, money market accounts, etc.) that are likely to generate returns similar to or better than a life insurance policy. Whole life insurance is often purchased by people for tax and estate planning purposes. Recently, some advisors have started recommending life insurance as an investment. You should consult with your financial advisor.
