Insurance can be confusing, and one of the most confusing topics is life insurance. If you live in Ponte Vedra Beach, FL, the agents at Palm Valley Insurance, Inc. are happy to answer any questions and help make sure you get the coverage you need.
The first thing you have to decide when choosing a life insurance policy is if you want a term life or a whole life insurance policy. The sooner you select, the sooner you can lock in a low rate.
The benefits of term life insurance
A term life insurance policy will be paid out upon the death of the policyholder. This is a favorite type of coverage because it helps to deal with the expenses that come with death, such as funeral expenses and the sudden loss of income.
Term life insurance is less expensive and easier to use. There is a set term, like five years or 20, and when the term is up, there must be a new policy. The cost is greater after the age of 50.
The benefits of whole life insurance
With whole life insurance, you can be covered for life. Instead of just paying out on death, a whole life policy has a cash accumulation. What you pay in adds up, and you can borrow against your policy or just take money out.
While the initial payments are higher, a whole life insurance policy can save you money in the long run. You might need a health exam to get started.
Which policy is best for you in Ponte Vedra Beach, FL depends on factors like your age, your children’s ages, and your health. Call Palm Valley Insurance, Inc. to discuss the best options for yourself and your family.