There are two primary types of life insurance. These are term life and whole life policies. Both of these have their own advantages and disadvantages, and you should understand what they are before you choose your life insurance policy. When you need life insurance, contact us today at Blevins Insurance Agency in Lafayette, IN to learn more.
Life Insurance: What You Need To Know
Whole Life Insurance
This type of life insurance is one that you can keep for the rest of your life. These policies require a premium to be paid as agreed, and as long as that keeps being paid, the policy can’t be canceled. Even the company issuing the policy can’t cancel it. You can truly keep it for your whole life, as the name suggests. This type of insurance will also build up a cash value for your policy. It’s this amount that you can borrow against if you were to ever have a financial emergency and need money. Many people choose these policies because they want that extra layer of security available to them.
Term Life Insurance
With this type of life insurance, the setup is very different. Instead of being a policy that is good for life, it is a policy that is good for a specific term, hence the name. This term is often about 20 years. The policy is in effect during the term and then expires after it. When that happens, you must get a new policy, starting over again with a new application. A major benefit of this type of insurance is that it costs less and can be very affordable. It’s a popular type of insurance because of its price tag.
Get Your Life Insurance Policy
Most people should have life insurance, so don’t wait to get a policy of your own. When you need a policy, give us a call at Blevins Insurance Agency in Lafayette, IN to get started.