allstate insurance quotes

Universal Life Insurance – combines life insurance with savings. Insurers are able to have the benefits of term life insurance and combine that with tax - deferred interest accumulating savings account. Sometimes you may not even have to pay premiums during the entire policy. If your money to pay the death benefit and other costs accumulates in the tax - deferred savings portion of your policy, then premiums may not be required to keep the policy in force.

Whole Life Insurance – this type of policy will cover you for your entire life. Your death benefit and premium generally remain the same. Whole life insurance also builds cash value, which could enable you to earn a return on a portion of your premiums that the insurance company invests. Your cash value is tax - deferred until you withdraw it and you are also able to borrow against that money.

Term Life Insurance – this type of life insurance is low cost and great for young healthy individuals who are healthy and may not be able to afford cash - value life insurance premiums and want to ensure their dependents are taken care of in the event of death. Your policy will cover a pre - determined " term " which is normally one, five or ten years. Your premium payment and death benefits are only during that term. After the term you will have options to continue coverage and have the opportunity to convert to a cash - value life insurance policy.