Guaranteed Life Insurance versus Term Life Insurance

We all need insurance, no matter whether we are young or old; employed or unemployed; male or female; sick or healthy. We all ask ourselves at some point in our lives “can I afford to be insured?” but the fact of the matter is that we can’t afford not to be.

Health and life insurance can be grim subject matters to contemplate. None of us wants to think about the possibility of getting sick, dying young or have the same happen to a loved one. It’s better to simply approach the subject as one of life’s inevitabilities and not think about the connotations, just as we all have to get a regular haircut, or take a bath from time to time.

Should you ever wind up talking to someone who has had to claim on their Term Life or Guaranteed Life Insurance, they will all tell you how glad they are that they had it, and should –heaven forbid- you run into someone who needed it but didn’t have it, the results can be devastating.

So, what’s the difference between term life and guaranteed life coverage? Quite a lot, as it happens:

Term life coverage is paid over a specified period of time to cover oneself and their family, should they expire. It is the original form of life insurance and the most popular, mainly due to the fact that rates are fixed for the policy period, yet as with any type of coverage it doesn’t come without its drawbacks.

Should a person outlive the policy’s specified term, then the policy may expire, or they may have to adhere to a different set of conditions and premiums. This is the main issue people have, as a fixed premium over a 20 year term will cost substantially less than the equivalent a quarter of a century later.

For this reason, many policies come with the option to convert the policy to a whole life policy or a universal policy after the specified terms ends or upon the client reaching a certain age.

Guaranteed issue life insurance provides cover for health related issues. It is designed to help an individual in life as opposed to death, and for this reason could be seen as a direct opposite to term life coverage.

Of course, Beyond Quotes offers both these types of insurance, providing you, our clients with comprehensive cover for all your insurance needs from the comfort of your own home. Simply submit our online form to find out more.