Two Main Types of Life Insurance

There are two main types of life insurance that you can get. The two types are very different, and it’s a good idea to understand them both before choosing the best policy type for you. Each comes with its own benefits as well as its drawbacks. When you need life insurance to protect your loved ones, give us a call today at Associated Insurance Agencies Inc. in Westerville, OH.

Whole Life Policies

A whole life insurance policy is a type that is popular for its many benefits. It is named the way it is because it covers you for the whole duration of your life. Even if you become quite elderly, the policy will stay in effect if you keep making the premium payments as agreed in the contract. If you do that, the company can’t cancel your policy, which will stay in place until you pass. Keeping your policy also builds a value that is there for you should you need it. This is an amount that you can borrow if you should ever have a financial problem and need the cash. 

Term Life Policies

When you have a term life policy, it has the benefit of being inexpensive. This type of policy is popular for its low price. However, it is also named for the amount of time it lasts, for a specific term. These policies have a set period that they last, and then they will expire. This can be a drawback, but many people find that it’s the only type they can afford on their budgets. 

Get Life Insurance

When you need to get a life insurance policy put in place, call us at Associated Insurance Agencies Inc. in Westerville, OH.