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The next time your party guests linger past your bedtime, ask them how they feel about getting a life insurance quote. Watch that they don't trip over your cat as they run to the door! Nobody wants to talk about life insurance quotes. But if you have young children or others who depend on you, you should have it.

There are high numbers of Americans who do not have any life insurance and many more who do not have enough savings and funds to make their families secure by taking a insurance policy. This is a sad fact, because you do not need to have lots of money or have to be in perfect health for getting a life insurance policy. The Insurance Information Institute have stated that average premiums to be paid for life insurance of individuals has decreased by about 6% each year since 2001, and there will be a further fall of 5% during 2008.

Currently, the institute estimates that a 45-year-old non-smoking male would qualify for a 21-year term insurance policy at an annual cost of about $630 at the "standard" rate. Should he qualify for "preferred" rates, which requires higher health standards, the rate could be as low as $350 per year.

According to an economist at the institute, the lower rates offered by life insurance companies are the result of longer lifespans; this reduces the possibility that the insurer will be required to pay out benefits. In addition, insurance companies have changed the ways in which they determine the risks of certain lifestyles and diseases.

If you are living on a limited budget but still require a cheap life insurance policy, then consider purchasing term life insurance. Term life and whole life, also called permanent life, are the two different types of life insurance quotes you can obtain. Term life insurance provides coverage for a limited period. If you out-live the period, you are no longer covered. So long as the premiums are paid, permanent life insurance provides coverage for as long as you live. In either case, part of the premium can go into an investment account which you can draw money from.

Permanent life insurance is much more costly that term insurance. A term policy is recommended for most people; it will provide benefits to help care for your children until they are grown and self-supporting. When the term expires, you may be able to renew the coverage, but you may have to take another medical exam to determine the rate. Permanent policies may be appropriate for those who are using insurance as a strategy in the planning of their estate; therefore, they need the policy to last throughout their lives.