Most of us who are looking to protect our families tend to get life insurance coverage from a life insurance agent that we know and trust. However, this is a big mistake as it will burn a hole in your wallet. Finding cheap term life insurance quotes from sites like LowTermRates.com is a must if you want to save money on your life insurance. No matter what your financial situation, buying a life insurance policy from an agent is not something you should do for a number of reasons.

1) Most life insurance agents are interested in doing what is the best for them and not their clients. So when they get paid about 10 times more when they sell you whole life insurance policy than term life insurance policy, why would any agent tell you about your term life insurance options. Unless the client brings it up in a conversation, there is absolutely no chance that anyone who is looking out for their own interest tell you something that would not be beneficial to them.

2) Most term life insurance companies are stand alone companies, meaning they only concentrate on selling term life insurance and not much else. Therefore they are not part of a big conglomerate like New York Life or MetLife who not only sell life insurance but offers a lot more services like estate planning and other advisory services. And most of life insurance agents are part of big life insurance companies, so they have no incentive to do comparison search for you to find the cheapest term life insurance quotes from outside companies.

As previously noted, term life insurance premiums tend to be about 1/10th that of whole life insurance policies. The reason for this is because term life insurance does not have the savings feature found on whole life insurance. When you pay premiums for your whole life insurance, life insurance companies take this and invest them according to their company policies and are required by law to give back some portion of it in the form of dividends. So in essence you are getting back some of the premiums you pay but not all of it. If you have purchased term life insurance, you do not get back any of the premiums at all.