When selecting life insurance, you have 2 options -Term Life Insurance or Permanent Life Insurance. Both of these types of life insurance offer a broad variety of sub categories which allow you to pick the best life insurance policy which suits your family’s unique or specific needs, and meets your budget.

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Term Life Insurance

Often called pure insurance, the policy holder pays a monthly, quarterly or annual premium over a set period of time (the term of the policy). The lump sum payout is for a specified death benefit to a named beneficiary should death unexpectedly occur during the term of policy.

Term life insurance prices are the cheapest of the two types of life insurance as you will readily see when you are looking for an online life insurance quote comparing the costs.

You can find affordable term life insurance by considering some of the available options you have to choose from.

1. Level Term Life Insurance - This is the most affordable form of life insurance where you pay a fixed premium over a specified term anywhere from 1 year or in increments of years ranging from 5 years up to as many as 75 years. You will need to get term life insurance quotes when you decide on the length of the term and the amount of the death benefit to find a policy which suits you best.

2. Increasing or Decreasing Term Life Insurance - This means that the amount of the death benefit will either increase or decrease throughout the period of the term of your contract. It’s your choice to decide which option is most essential according to your changing future financial circumstances. Generally, the premiums remain constant for whichever one you choose.

3. Renewable Term Life Insurance - This category of term insurance policy provides a policy holder the ability to automatically renew their insurance coverage without having to prove they are still insurable such as not having to submit to a medical examination.

4. Convertible Term - This form of life insurance policy gives a policy holder the ability to convert your life insurance policy from a term insurance policy directly into a permanent life insurance policy at the expiry of your current policy term.

5.Group Term Life Insurance - Is a policy normally provided by an employer to cover some or all of their employees. The premium which you pay would be typically lower than had you bought the exact same policy for yourself as an individual.

Permanent Life Insurance Policies

These life insurance policies offer a policy holder a specific type of coverage for the period of your entire lifetime. These policies also offer the additional feature to allow you to gradually build up a cash value which can be cashed in at any time you decide to cancel the policy.

Your choices of permanent life insurance include:

1. Whole Life Insurance - This manner of life insurance policy continues throughout the lifetime of the policy holder so long as premiums are paid as specified in the insurance contract. In addition to the specified death benefit, a whole life insurance policy also usually includes an aspect of accumulating a gradually increasing cash value over the lifetime of the policy.

- Single Premium Whole Life - Allows you to buy a policy with a specified one time single premium.

2. Indexed Universal Life Insurance - This life insurance policy allows the policy holder to allocate a percentage of the cash value of their policy for investment purposes such as investing in the Nasdaq or S & P 500.

3. Universal Life Insurance - Is essentially like whole life insurance but with the added benefit that you can use the interest from your accumulated cash value to put towards the cost of the life insurance premium.

4. Last Survivor Universal Life Insurance - Covers 2 people, usually a husband and wife. Will pay out the death benefit to the survivor regardless of which one of the couple dies first.

Smoker Life Insurance

Still puffing and not sure if you can get life insurance? You can. Most policies available are for term life insurance but you can also get whole life policies. Yes, you will pay a bit more than non smokers but these policies are surprisingly affordable.