The choice of what life insurance policy you should choose can easily become complex with too much information. At The Insurance Mart, we pride ourselves on our ability to educate our customers about life insurance, including the two most popular options whole life and term life insurance.
Understanding Whole Life Insurance
When it comes to understanding whole life insurance, it’s important to note that it doesn’t have a term. Ultimately, by submitting a truthful application and making your payments on time, as long as you qualify, you will have life insurance. Additionally, your life insurance policy can accrue cash value over time, allowing you to borrow against your policy if necessary.
Understanding Term Life Insurance
Although very similar to whole life insurance, term life insurance does have a term. You can choose between a variety of terms to ensure you are choosing a policy that works for you. Unlike whole life insurance, term life insurance doesn’t build cash value. However, many people find that term life insurance is a great option for individuals with mortgages because, in the event of their death, they will have the money to pay off their mortgage.
How to Choose Between the Two Types of Insurance
Ultimately, the choice to choose between whole life and term life is based on your financial goals. People who want permanent life insurance often choose whole life insurance over a term life insurance. However, people who are interested in a significant face value for a period of time consider term life insurance.
If you are in the market to purchase life insurance, you can start by visiting our site. Our website highlights the policies we offer. Additionally, by visiting our site, you can easily contact us regarding any questions you may have about whole life or term life insurance.