Life Insurance: Knowing the difference
Life insurance is an important aspect of financial planning for a lot of families. If you have a family member who is financially dependent on you, life insurance is a must. For most, the process of buying life insurance can be a confusing and stressful process. A great way to get started navigating your way through the world of life insurance is getting familiar with your options!
Term life insurance provides an individual with insurance coverage for a given period of time. For example, you can setup life insurance to last for 10 years. This is option allows you to chose a term based on how long you would be supporting someone i.e., until your kids leave the house, and allows you to choose the amount it would cost to last the beneficiaries if you were to die.
Unlike Term life insurance, Whole Life gives an individual insurance coverage for their entire lifetime and provides an investment component that can allow you to accumulate what is called ‘cash value’. This component of your life insurance policy, can allow interest to accumulate during the lifetime of the policy.
Whether you’re interested in Term or Whole Life Insurance, planning for your family’s financial future can start with us!
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