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Looking For Life Insurance Quotes

By Justin Harrison

Life insurance began centuries ago back in Rome. Although it had a different purpose back then, resembling something more akin to Mafia protection than anything else, it remained in vogue throughout the following millennia. Whereas its original purpose would be to pay individuals to protect you from being mugged (like security guards) while at work, providing you paid your dues on time, its more modern purpose is to provide cash to your family if you die.

There are two basic types of insurance: term and cash value. Each has a specific purpose and depending on your financial needs and goals for you and your family should dictate which type of insurance you choose.

Term policies are purchased for a predetermined number of years, or the term. Your rates are based on your age and the length of the policy. The younger and healthier you are, the less you pay. As the risk of the insurance company increases, so do your premiums.

This is the latest form of insurance, having become popular in the 1960s. Because it was more affordable, more families chose this type. However, its original purpose was to do nothing more than provide enough money for burial expenses and maybe for a few months worth of household expenses and nothing else.

Term insurance is the newest addition to all insurance products, having been introduced only in the 50s and gaining in popularity over the decades. Its original intent was to just have enough money for your family to pay for a decent burial and nothing more. Policies for $10,000 were the most common.

Ultimately families liked the concept of term insurance so much they bought enough for the burial and to leave money for bills or even to have a wife live on a for years as she got back on her feet.

Another difference between the two is that whole life policies include a savings and investing section. A portion of your premium is directed into accounts which you selected at inception, and you do see some of the returns. However, the insurance company actually keeps over 10% of everything you earn in this investment section; they just don’t want you to know that.

Purchasing the right life insurance cover has never been so easy. Get inside info now in our top life insurance qualify overview.

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Article Citation
MLA Style Citation:
Harrison, Justin "Looking For Life Insurance Quotes." Looking For Life Insurance Quotes. 21 Jun. 2010. 2 Feb 2016 <>.

APA Style Citation:
Harrison, J (2010, June 21). Looking For Life Insurance Quotes. Retrieved February 2, 2016, from

Chicago Style Citation:
Harrison, Justin "Looking For Life Insurance Quotes"

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