Term vs. Whole Life Insurance – Which is Best For You?

Knowing which policy will work for you will help you get the coverage you deserve.

Whole and term insurance policies are the most common life insurance policies out there. While each has its own set of pros and cons, one type may be better suited to your needs. Use this guide to the types of life insurance to help you find the right coverage for you.

Term life

Term life insurance is very affordable and can be beneficial for families and young adults. It will only provide coverage for a specific amount of time, but you may have the option to convert it to a whole life policy at the end of the term depending on your policy. Term life insurance is relatively simple, so comparing policies is very easy.

Whole life

Also known as permanent life insurance, these policies will provide coverage for your entire life, no matter how old or young you are when you pass away. The premiums for whole life policies can get very expensive, so buying a policy when you are young and healthy is the best way to save money. Whole life policies also have a savings component that allows you to borrow money from while the policy is in place.

No matter what life insurance policy you choose, make sure that the amount of coverage you choose matches your needs. If you want the death benefit of your life insurance policy to pay off your mortgage or send your kids to college, you will need more coverage tan if you only want to provide a savings account for your spouse.

The best way to find a life insurance policy that will best suit your needs is to work with the right insurance agent. Contact the professionals at Lou Aggetta Insurance Agency in Pleasant Hill, California. We will work with you to make sure you have the protection you deserve, all at the right price.