Life insurance is an absolute must and is in place to protect the insured person's family in case of their death. There are several types of life insurance with the most emphasis being placed on whole life and term life. Term life insurance quotations are given based on a specified time period, such as 10, 20 or 30 years, or time periods within that general area. Many factors are considered when the quotation is calculated for term life insurance. Age, sex, length of the term, pre-existing illnesses, family illness history, whether the person is a tobacco user or has been in a prescribed amount of time set forth by the underwriters, and possibly medication that has been used recently.
There are some underwriters that will offer a policy without a physical exam. These term life insurance quotes are based on a truthful questionnaire and are typically quite a bit higher in price than the quotes that require a physical. Those term life insurance underwriters that require a physical exam only need blood drawn to qualify the insured to be covered. Term life insurance quotes are inexpensive safety nets for the family that allows coverage for a predetermined term and it can usually be renewed at the end of the term.
Unlike whole life, also called universal life, policies that have a cash value that builds up through the life of the policy. Term life insurance is only there for when a person dies and the cost is lower due to the fact that there is no return unless the policy holder dies. The downside to the whole life policy, other than the cost, is that if the policy holder dies with cash value built up, the cash value goes back to the insurance company. Therefore, the cost of term life insurance is extremely negligible compared to whole life - it's by far the cheaper insurance policy between the two.
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