Which Category Of Life Insurance Quote Are You Looking For?

Life assurance has no different meaning compared to life insurance policy and subsequently they are used as an interchangeable word. One must understand that both these policies offer the same sense of security and peace to the family in case there happens to be a tragedy to the loved one, especially if he/she is the bread earner for the family and dies before all liabilities are completed. Life assurance is possible only on certain policies where there is a guaranteed return. Following are the popular choices of life insurance policies, people get.
Term Life Insurance
Whole Life Insurance
Universal Life Insurance
Variable Universal Life Insurance
Limited Pay Policies
Endowment Policies.

Among all these, the term life is a pure life insurance policy, which provides nothing but death benefit. It is sold for a specific term and it promises return only if the insured dies within that set period. Consequently, such a policy cannot be termed as an assurance policy. Contrarily, all other policies use part of their premium to grow cash value and so they provide some return irrespective of the fact that the insured dies or lives. Consequently, all these policies, except term life, can be included under the life assurance category.

However, all these technical differences hardly matter in a country like the United States. Here both forms of coverage are called "insurance" mainly because all major carriers offer both types of policies and instead of referring themselves as either assurance or insurance companies, they use only one term. Consequently, when you look for life insurance quote to start the process of purchase, take a little time to specify which type of policy you actually want to buy. Otherwise, you may receive the wrong quote and suffer the consequence.

What type of policy you will buy depends entirely upon your need. If you want a large benefit at a reasonable rate, always go for term life. Term life rates are cheap because of two main reasons. Firstly, it is a temporary policy and very few people die early; consequently, the policy generally expires without having to make any payout. Secondly, because it is a pure protection policy, the entire amount you pay as premium is utilized to develop the death benefit and so you can get a large one at a very nominal rate.

If you are planning to get this kind of a policy, you need to ensure that you save some amount of money as a source of investment as this may be required at a later stage in your life. If there is an emergency in your life, you must have adequate cash to back you up. The assurance policies however constantly have an amount as savings and once you complete the term you will be given a choice to take it as cash or take it as loan. Thus, the cash value of the plan is always accrued over time and hence this is also one of the reasons this is priced at a higher rate than normal.

Instant life insurance quotes are also available on the web. Of course, all carriers especially the major ones have gone big on the web and hence you can easily obtain quotes for the number of plans and thus compare them next to each other. You must know that quotes are nothing but an estimate and not the actual amount on the policy. Thus, there is no other way in which you can be sure to know the amount you will be charged is going to be within your budget or not.

However, the price of a policy cannot be the sole criterion; a life insurance no exam policy for example is expensive, but under some circumstances, there may not be any other option other than this. These policies have two unique features. Firstly, unlike traditional policies, they exempt you from taking the mandatory medical test and secondly, if you qualify, your family starts getting the coverage from the next day only. Under ordinary circumstance, underwriters take four to six weeks to finish evaluating you and provide the coverage.

These are ideal for people who would not want to spend too much time and go thru the trouble of medical tests or afraid of needles piercing their bodies. They are quite expensive ones. However, they can be obtained without a sweat. If you are one of those who would not spend time in getting insurance because your lifestyle does not let you get insurance under normal situation and policies laid out by carriers. There are guaranteed no medical policies that are issued at the time of application itself. The coverage begins as soon as the application is filled. One must also know that in case the insured dies within the first 2 years, the family only gets the premium paid and the interest amount accrued. Think twice and then decide.

Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on term life insurance for seniors and term life insurance quotes, visit his site today.