If you have dependents, a life insurance policy isn’t just an option; it’s a necessity. Two main types of life insurance exist. The term life policy and the whole life policy. Whole life insurance is a popular choice with numerous advantages, albeit a few drawbacks. Understanding the different types of life insurance policies and how they function is vital. To explore your whole life insurance opportunities, contact us at the Melvin Gessner Insurance Agency in Willis, TX.
Continuous Coverage
A term life insurance policy comes with a specific expiration date. Once your term ceases, you’ll need to secure new insurance. However, whole life insurance is fundamentally different. This policy offers perpetual coverage without an expiry date. As long as you are willing and able to make payments, your coverage will continue for the remainder of your life. This benefit is a major advantage and the main reason why many choose whole life insurance.
Acquiring Cash Value
Another significant advantage of whole life insurance is the accrued cash value. Its cash value will gradually grow over the years of holding the policy. You could borrow funds against this value in a financial emergency. This facility can greatly ease financial stress, creating a lifeline for unexpected situations. The borrowed funds can be repaid as any other loan would be.
Securing Whole Life Insurance
Insufficient or lack of life insurance can expose you to significant risks. Don’t put off getting covered. Contact us at Melvin Gessner Insurance Agency in Willis, TX, to initiate your life insurance policy.
