Life insurance is the money provided to your family should you pass away, leaving them protected from the unexpected impact of losing a loved one. There are many reasons to buy life insurance, but it is commonly used to pay for funeral expenses, to raise child, toward college tuition or toward an existing mortgage on a house.

Age and medical condition are both major factors used to determine your eligibility for life insurance. Purchasing this type of policy also typically involves a home visit. The cost of the policy will be based on all of these things.

There are two major types of life insurance. The first—known as whole life insurance or permanent life insurance—has no time limit, insuring the purchaser as long as they keep paying their insurance premium. This means that the family will be paid no matter the age the purchaser is when he or she passes.

Term life insurance differs in a pretty big way: it does have a time limit.

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Coverage is only good for a specific period of time. It can be anywhere from one year to 30 years, but the purchaser must pass away within that time frame for the beneficiaries to receive the benefits. If the purchaser dies after the term life insurance policy has expired, there will be no pay out.

This type of insurance is less expensive than the varieties of permanent life insurance. While it’s not absolutely necessary to have one type or the other, term life insurance is a great choice for younger purchasers—especially those with children. If you want to ensure that your family is taken care of in case of an accident, term life insurance is an easy way to make that happen. If you make your policy either 20 or 30 years, chances are your children will no longer need the assistance should the policy expire anyway.

The best way to find out more information about term life insurance is to schedule a call with a professional insurance agent. Peter Green can detail which plans might work best for you. Give Peter a call at (714) 258-2800 to schedule a consultation or get a free quote today