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Life insurance options are often split between term and whole life. In short, term life lasts for a number of years, while whole life is a permanent policy. There’s a compelling argument to be made for each, but the best policy depends on the person’s problem they are needing to solve.
If you problem needs a lifetime solution, then a whole life policy is where your focus should be. If you need protection for a temporary problem such as a mortgage, loss of income due to your death, serious illness or disablity, then term life is the solution for your situation.
Knowing exactly which plan is the right one, from the right company, requires expert guidance and should not be taken lightly. Book your Quote Review and meet personally with America’s #1 rated award-winning expert in financial protection.
Term life and whole life follow the same principle. With life insurance, you’re paying premiums so that your loved ones can receive a lump sum known as a death benefit after you pass. You’ll likely have to undergo a medical exam with either policy. The younger and healthier you are, the more likely you’ll be accepted, and the lower your premiums will be.
The length of time your term life policy will last depends on your personal choice. You can get a policy lasting for as little as 10 years, or choose one that lasts up to 30 years. If you pass away during the term, your loved ones will get the death benefit. If you pass away after the term ends, your loved ones will not receive the death benefit. Also, your premiums will not be refunded once this period transpires. However, you can renew your policy to remain insured, but may have to pay higher premiums.
Some term life policies have a whole life conversion feature available in which you can convert the policy into a permanent whole life policy before the term life plan expires, without evidence of being insurable. This feature allows you the ability to continue to have some coverage that is uninterrupted.
Whole life insurance lasts a lifetime. This is part of why whole life policies have more expensive premiums. The only ways to lose coverage are if you surrender your policy or fail to pay your premiums.
Term life is a viable option for someone who wants more affordable life insurance. It’s especially appealing to individuals who have purchased a home, as some will purchase a term policy to match the length of their mortgage. If the homeowner passes away while the policy is active, beneficiaries (usually a spouse or other loved ones living in the home) may use the funds to cover the mortgage and continue to live in the home without added financial stress.
Whole life insurance is for those who are able to afford a higher premium, who want to ensure their loved ones will receive a death benefit no matter what.
Whole life insurance also has an element missing from term life, and that’s the inclusion of a special savings account. A portion of whole life premiums go toward this savings account. It accumulates tax-free in cash value, and can build to an amount substantial enough to serve as a source of emergency funds. In this case, whole life insurance is beneficial to the policyholder and beneficiaries.
No matter your situation, Generations Insurance Solutions LLC has the life insurance policy for you. I cover all the bases in making sure you get the best policy for your money, satisfaction guaranteed. You’ll get award-winning service at the lowest cost.
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