Whether for your own financial security, or you have a family or significant others who depend on you for their livelihood, buying life insurance is a wise decision. But with so many life insurance options how can you know what option is best for you?
Well, we happen to believe that a bit of information about life insurance can make all the difference when faced with the decision.
Here is the 411 on life insurance options:
Term Life Insurance: This type of policy will be for a specific period in your life. It offers lower premiums but it can expire. Once it does expire, keep in mind that the rates can change and it will not build equity or cash value over its lifetime.
Whole Life Insurance: This policy will have you covered for as long as you live. It never expires and it can build equity and cash value. It does come at a higher price premium wise compared to term life insurance, but many people consider it well worth it.
Whole & Term Life Combined: With this option, you can build a lifelong base of coverage and supplement it with term life insurance during specific periods of your life.
How can I narrow down my options?
Many people, despite their understanding of their options for life insurance, have a hard time deciding what is best for them. Here are some points to consider.
Term life insurance is good for when you have a limited budget but may need a large amount of life insurance. (For example, protecting the ability to provide for your children’s’ education should something happen to you)
When considering whole life insurance, remember that it is good for as long as you live – whether you die tomorrow or live to be 105. Plus, if you are looking for a tax-deferred investment, this is the way to go.
Get a Quote: Term Life Insurance
Nonetheless, the whole process can still be quite tricky! We recommend talking to your trusted insurance agent about your personal questions and concerns! At Safeguard Insurance, we promise to always put your needs first – call us and we’ll be glad to assist with anything you need!