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Most life policies fall into one of two categories. They’re either term life policies or whole life policies. While both types of policies provide death benefits, their structures are significantly different. Term life policies are structured to provide coverage for a set number of years, or a term. Most terms are between 10 and 30 years. During a policy’s term, the policyholder must pay premiums in order to receive coverage. After a policy’s term, coverage ceases -- but so do premiums. In general, term premiums are fairly low and remain low throughout the duration of a policy’s term. Whole life policies are normally designed to provide life coverage for the remainder of a policyholder’s life, however long that may be. They generally don’t have a date on which benefits expire.

Term and whole life insurance policies both have their uses. Neither is truly better than the other, but they each should be used in different scenarios. Term life policies are generally a good investment for people who simply want to make sure their family will be taken care of if they pass away unexpectedly during their working years. The lower premiums are affordable even when raising a family, and policyholders can stop paying the premiums when their policy’s term is up. Whole life policies are useful for people who want to save up for retirement within their policy. People who like the convenience that these policies offer and are comfortable with the investment choices they provide might not need to invest through another account.

Insurance companies consider many different factors when they’re underwriting auto policies. Some factors that often may affect a driver’s auto premiums include the driver’s age, gender, marital status, driver’s driving record, credit score (except in Massachusetts, Hawaii, and California), make and model of vehicle being insured, where the insured vehicle is stored when not in use, and what coverages and limits the driver selects.