Life insurance can be difficult to decipher. There are a lot of new terms to learn, especially if this is your first policy. Senn Insurance Agency, which serves O’Fallon, MO, understands that you need to know which policy is best before you make a decision about insurance. Comparing whole life and term life insurance can help you make the best decision for your family.
Term Life Insurance Benefits
Term life insurance provides coverage over a set period of time. You determine the amount of time when you create the policy, which could last 10 to 30 years. If you pass away in this period, your loved ones can receive a payout. If you expect your insurance needs to change after a set period of time, this could be a fantastic option for your family. For example, you may determine you do not need a policy when your children are adults.
Whole Life Insurance Benefits
Whole life insurance provides coverage for the rest of your life. As long as you pay the premium for your policy, you will continue to be covered. When you pay a specific amount of money into your policy, your policy may accumulate a specific cash value that can grow with time. You may even be able to borrow money against your policy, and you can expect the premium to remain the same for as long as you keep it.
Get Help From an Insurance Professional
Are you in O’Fallon, MO and want to speak with an insurance professional? Senn Insurance Agency can help you choose between term life and whole life insurance. Call an agent today to discuss your options.