When you are deciding between whole life and term life insurance, a lot of factors will go into your decision. The two main types of life insurance are similar in that they both offer protection for your family and pay a death benefit upon the death of the policyholder. However, there are also a lot of differences between them. Which one you choose will depend on your personal preference as well as your age and budget. When you need life insurance for your loved ones, call us at George Ryan Jr. Insurance Group, Inc, serving the Bourbonnais, IL area.
Term Life Insurance
You may be interested in term life insurance if you have a tight budget. Many people who would not otherwise be able to have life insurance pick term life because it is more economical. This type of insurance is good for a specific term of time. Once that term has passed, the policy expires, and you are no longer covered. Many younger people get it because it fits their budget, and they can lock in a good price while they’re younger. However, many people don’t like that the policy expires, and a new policy has to be applied for if they outlive the policy’s term.
Whole Life Insurance
Whole life insurance never expires. These policies are good for the rest of your life, no matter how old you become. Whole life policies also slowly build up a cash value that can be borrowed from later on if you ever have a financial emergency. These policies are highly popular for these benefits, but the price of this insurance can keep it out of reach for many.
Get Life Insurance
When you need life insurance, we’re here to help. To find out more about these policies, contact us at George Ryan Jr. Insurance Group, Inc, serving Bourbonnais, IL and the surrounding area.
