There are two main types of life insurance: whole life and term life. Each of these comes with its own listed of benefits and drawbacks. If you’re having a hard time choosing which type of life insurance you’d like to take out, call us at Palm Valley Insurance Inc. in Ponte Vedra Beach, FL for more information.
Whole Life Insurance
As the name suggests, this kind of life insurance is in place for your whole life. As long as you maintain the policy by paying its premiums as agreed to, this policy can’t be canceled by the insurance carrier. Instead, it keeps protecting you for the rest of your life until it is time to pay the death benefit. Many people prefer this type of insurance because it stays in effect throughout your life, and it keeps the same rate for coverage throughout that time period. It also builds a cash value that the insured can borrow against if there is a serious financial situation. Many people like having this policy locked in early and knowing that there will be an amount available to borrow.
Term Life Insurance
As its name suggests, term life insurance is only good for the period of time of the contract. After this term has passed, the insured will have to take out another life insurance policy. While it sounds like a lot of trouble, many people prefer this kind of life insurance because it has lower premiums in general than a whole life policy. And if the insured has enough money in case of a financial emergency, he won’t need to build up the cash value of a whole life policy.
Choose Your Policy
When you want to get a life insurance policy into place, give us a call at Palm Valley Insurance Inc. in Ponte Vedra Beach, FL to find out more about these policy types.