The fact that there are different types of life insurance is a challenge for lots of people. Before you choose your coverage, it’s important that you become better informed about each of your options. While whole life insurance policies are a popular option, you may also want to consider term life insurance as well. Today, Jerome and Summey Insurance Agency will give you an overview of term life insurance policies so you can make your decision.
What is term life insurance?
In contrast to whole life policies, term life insurance is only active during a set period of time. Should you pass away during the time frame covered under a term policy, your beneficiaries will receive financial compensation. You can usually sign up for a term life policy at any time and it will remain active (unless you fail to pay your premiums).
In what ways is this type of policy different from others?
Term coverage doesn’t collect a cash value during its set time frame. This means you can’t borrow against the policy. However, it’s important to know that term policies are a good option for most situations. If you should pass away after the term policy’s duration, your beneficiaries can’t receive any financial benefits. There are other, more sensitive factors that can affect whether your beneficiaries receive money. We can talk to you about these factors in further detail based on your unique circumstances.
Is this right for me?
It’s best to meet with an insurance agent to look at multiple coverage options before you settle on any type of policy. This way, you can ensure you’re getting the right policy for your situation so you can provide the support your beneficiaries need.
Contact Jerome and Summey Insurance Agency if you would like to learn more about our term life insurance policies. Let us help you find the right life insurance coverage today.