There are two primary types of life insurance plans: one is a term life insurance policy, and the other is a permanent life insurance policy. These two different life insurance plans attract people at different stages in their financial and personal lives. A term life insurance policy is usually ideal for young families, and those with middle to lower-middle incomes. A permanent life insurance plan, on the other hand, is preferable for those who are beginning to think about retirement, or for those people with an upper middle class or higher income.

As the name implies, term life insurance exists for a "term." Usually, this term is 10 years, 20 years or 30 years. After the term runs out, the insurance policy ceases to exist. Term insurance is "pure" insurance. The money you pay in the form of your monthly premium goes directly toward your coverage. In this way, you're able to enjoy the largest amount of coverage for the smallest amount of cost to you (in the form of your monthly premium).

Permanent life insurance plans, on the other hand, provide benefits that go well beyond coverage in the event of the policy holder's death. The four types of permanent life insurance (whole, universal, variable and survivorship) can be used to help secure loans, to supplement retirement, and so on. Most term life insurance policies can be converted into permanent ones. If you buy term insurance as a young person, you will be able convert it later, when you are closer to retirement and more financially stable.

Spectrum Direct only partners with those insurance companies that convert well. If a company has great term insurance but poor permanent insurance, we do not partner with them. In addition to traditional term insurance, we also offer instant issue life insurance. As the name implies, this form of insurance is acquired "instantly." Within 10 minutes, you'll be able to compare quotes, fill out an application, have that application approved or denied, and pay for the plan with a credit card in the even that you are approved.