Whole Life Insurance vs. Term Life Insurance
Which Policy Will Be Best For You?
Life insurance can be a bit scary to think about since it requires us to ponder our own mortality, but preparing for this eventuality will mean you do not leave your family exposed to financial hardship after you pass away. You can safeguard your loved ones by carrying life insurance, so to help you care for them here is a brief guide to the difference between whole life insurance and term life insurance.
Term Life Insurance
This insurance product is generally more affordable than a whole life insurance policy. It is called term insurance because it expires after a certain term. In other words, the payouts on your policy will not come if you outlive your term insurance policy. These types of policies are great for securing life insurance because they set a fixed premium for you and offer a lump sum payout to your loved ones.
Whole Life Insurance
If you are looking for a way to invest, whole life insurance can be a great solution. These policies build cash value over time, and do not have a term after which they expire. Premiums are generally higher with whole life insurance, but these types of policies offer the chance to increase the policy’s value even while guaranteeing the amount of a specific death benefit to your loved ones. Furthermore, premiums are generally fixed and these policies are usually exempt from income tax.
Are you looking for someone with insight into life insurance to understand your unique needs and advise you on the best policy for you? If so, contact Remland Insurance Services today. Serving Orange County, our team of insurance experts is here to meet all of your California insurance needs. For the life insurance you need to get your family the protection they deserve, call us today!
