When Should You Consider Whole-Life or Term-Life Policies?
Life insurance is something that we take for granted. However, it is important to consider the type of policy you want to buy. Whole-life policies are usually more expensive but they will provide coverage until you die. Term-life policies typically have lower premiums but they will not provide coverage past a certain age or number of years.
Whole-life insurance provides coverage until you die while term-life insurance provides coverage only up to a certain age or number of years.
How do you choose the best term length?
Term length is one of the most important factors in choosing a life insurance plan. Term length refers to the amount of time that you are covered by your policy and it can vary from one month to 10 years. Generally speaking, term coverage is more affordable and less expensive than long-term coverage.
However, people who want a cheaper option might go for short-term coverage which is not as effective as long-term coverage. and can cause financial struggles. Term lengths are typically divided into two categories: permanent and temporary.
Permanent term insurance is a contract that will last for the duration of the person’s life, while temporary term insurance is not a contract but offers coverage for a particular period of time. Permanent life insurance plans are ideal for individuals who want to protect their family or their business from financial hardship.
Term life insurance is purchased as a contract that will last until the insured reaches age 70, at which point it will stop paying premiums and benefits. The main benefit of term life insurance is that it can be bought at any age, so individuals who want to plan for retirement can purchase a policy in their 20s before they’ve reached their peak earnings .
However, the main disadvantage of term life insurance is that it doesn’t provide long-term estate or financial protection. Term life insurance also won’t cover a person’s dependents, so people who want to guarantee coverage for their children should buy term life insurance during their child’s first years of life.
As a parent, you want to make sure your family is taken care of in the event of your passing. At __, we offer life insurance for families with our Family Plan. This is a flexible life insurance policy that allows you to tailor the coverage to meet the needs of your family or business. You can choose to cover any amount of individuals within your family or business that you choose up to $5 million. Our Family Plan also allows you to choose between a guaranteed renewable policy or a level premium policy. Click here to learn more about our Family Plan or other life insurance options we offer.