Selecting the Appropriate Life Insurance Policy
Deciding on the right life insurance policy can be a critical decision. Contact us at Great Michigan Insurance in Marshall, MI, to learn about the types of life insurance and decide which policy suits your needs.
Understanding Time Periods
The key difference between term life and whole life insurance is the duration they cover. Term life insurance typically lasts for a predetermined period, after which it expires. A new policy needs to be initiated for continued coverage. On the other hand, whole life insurance, as the name suggests, covers you for your entire life, providing constant reassurance.
Weighing Costs of Policies
Term life insurance policies are generally less expensive than whole life insurance policies, making them a popular choice for many. As term life policies expire before one reaches senior years, the mortality risk is lower, contributing to their lower cost. Whole life policies have higher premiums as they cover mortality risks in the late stages of life.
Factoring in Cash Value
Whole life insurance policies accumulate a cash value over time, which can be borrowed against if needed, thus serving as an emergency financial reservoir. Term life insurance doesn’t offer this feature.
Securing Your Life Insurance
If you still haven’t purchased life insurance, now is the time. Contact Great Michigan Insurance in Marshall, MI, to explore a policy that’s right for you.
