Can someone please explain the diff. between term life insurance and regular life?

There are two types of life insurance: Term and Permanent. Term is temporary insurance and permanent is Whole Life or Universal Life. Term Insurance is only for the period of time you're insured - 10 years, 20 years or 30 years. Whole Life and Universal Life are for your whole life.

The advantages of Term insurance is in your younger years you can get a large face amount for a very low cost. The disadvantages of Term insurance is when your term period is up and when need it most in your later years, the cost is extremely high and unaffordable. At that point the policyholder cancels the Term. Another disadvantage of Term insurance is the risk you may become uninsurable due to health issues such as diabetes, heart problems, cancer or a number of things that will cause an insurance company to decline renewing your policy.

The disadvantages of Whole Life or Universal Life insurance are the initial cost is higher than Term. The advantages of Whole or Universal Life are: the initial cost is fixed, it's permanent coverage whether you become uninsurable or not (as long as your premiums are paid), it builds cash that you can either withdraw or borrow, you don't pay taxes on the money taken out of the policy (as long as the policy stays in force), it's a forced savings you otherwise would not have put away for yourself. Another advantage is the fixed cost is far less than Term in the later years, the time when you need life insurance the most. The best time to purchase Whole or Universal Life is in the younger years.

Purchasing life insurance is a personal matter. No particular type of insurance fits all. Everyone has a different family situation requiring the proper financial plan. I'm a California licensed agent for 10 years. You may e-mail me with questions at mob442ins@yahoo.com.

Hope this helps.

Simply put, Term is a Death Benefit Only. So, whatever the policy amount is ($10,000 or $50,000, etc,) that is what the policy pays - if it lapses, there is no cash accumulation. The Whole Life policy does have a cash accumulation value that can actually be used as a loan or withdrawn when it reaches a certain amount, this cash accumulation can be issued as an annuity as a retirement supplement as well. The face value of a whole life plan is generally higher than a term and is always more expensive because of the cash accumulation and other provisions. At your age and family status it would be very wise to contact a local insurance broker to get all the details surrounding a whole life plan. Although it is cheaper, I would not suggest a term life policy for you. I also would not use the burial plot as an alternative to the whole life plan - the whole life plan will more than bury you, it will provide annuity benefits to your beneficiaries if the right options are put in place. You are very wise to raise this question at your age, most do not. Peace and health be with you.

Because term insurance covers only a certain period of time (ie 10 years) and you don't get anything back at the end if you are alive, it is much cheaper than whole life insurance. Since you are only 25-35, I would recommend term insurance. There are other considerations such as whether you are healthy and whether you are on a budget.

I won't lock in the plot burial rates. It's better for you to get additional burial coverage through insurance.

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RE Can someone please explain the diff. between term life insurance and regular life?

Also is it better to just by a plot burial and lock in the rates today, my job does not offer life insurance and i would like some type of reassurance for my family if i were to die. I'm in the 25-35 yr range group, can anyone suggest polices or explain them altogether!

Term life insurance is for a set period of time or term. You can buy a policy between for 2009 for example and if you died on 1/1/2010 then there is no insurance. regular life insurance is for life. It also has equity, so you can always trade it in for cash.

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