Term Life Insurance Quotes, Co.: Term Life Insurance Protection
The level of protection one needs should also be considered before choosing between term and whole life insurance. Generally, term life insurance policies are designed to cover immediate financial obligations as well as pay off long term debt such as mortgages. Term life policies are typically purchased by younger consumers to cover the immediate and eventual financial needs of their family.
Whole life policies can provide not only immediate financial protection but also funds for caring for the long term needs of your family. Whole life policies are generally purchased by older consumers who are in need of providing for their family after their death.
In general, a good rule of thumb is to buy life insurance coverage equaling 7 times your annual salary. This is a rough way to estimate your needs but should give you an idea of how much life insurance you should initially consider. You should examine your particular needs before making any purchase.