Independent Life Insurance Agent and Advisor
Whole vs Term
Do you have the right insurance for this stage of your life?
Many people don't even know that their are different kinds of life insurance. And if a person doesn't know the different options how are they able to make an educated decision on what will be the best fit for them? Being sure my clients are informed and educated is very important to me.
99% of the policies I write are WHOLE LIFE policies. Most of my clients are age 50 or older and a whole life policy is most often what makes sense for that time in their lives. Here is a brief comparison of the 2 most common life insurances so you can decide which would be best for you.
Whole Life Insurance
Permanent insurance that covers your whole life
Premiums never increase and coverage can never decrease
Builds cash value you can borrow against
Designed to pay for final expenses or to be an inheritance
Term Life Insurance
Temporary insurance that only covers you for a certain amount of years
Premiums increase at end of initial term
Policy terminates at certain age
No cash value
Designed for young families who have large bills (ex. mortgage)
This is by no means all the insurance options available but term and whole policies are by far the most common and widely used.