If you need life insurance, there are two main types to choose from. These are term life and whole life. Each of them works very differently, so it’s important to know the differences between them. When you need to get a life insurance policy of your own, call us at Melvin Gessner Insurance Agency in Willis, TX.
Two Types of Life Insurance
Whole Life Insurance
Whole life is a type of policy that stays in effect for the rest of your life as long as you keep paying the insurance premiums. When you keep the policy, it doesn’t expire. It keeps protecting you no matter what your age. This type of life insurance is more expensive, but it comes with a helpful benefit. When you keep the policy for a few years, a small amount of the part that you pay in premiums will accrue a cash value. When this happens, the cash value continues to grow over the years. When there is a cash value there, you can borrow against that amount if there is a need for it. This can help you in financial emergencies.
Term Life Insurance
When you have a term life insurance policy, the insurance is only good for that term. This may be 20, 25, 30 years, etc. Once this term is completed, the insurance expires. When this happens, you have to reapply for insurance in order to be covered again. One of the benefits of this type of life insurance is that is less expensive than whole life policies. Many people choose it because it can be very reasonably priced for those who are in good health. And, the policy price stays the same throughout the term.
Get Your Policy
When you have a family, it’s important to have life insurance. Call us at Melvin Gessner Insurance Agency in Willis, TX.
