Having the proper personal insurance in place is very important. While all people need to have a home, auto, and medical insurance policy, another fundamental type of insurance to have in place is life insurance. When you have life insurance, you will be able to provide those you love with financial protection in the event you pass away unexpectedly. When you are looking for life insurance, it is essential to understand the difference between the primary options, which are term and whole life.
The most common and popular type of life insurance today is term life insurance. With term life insurance, you will receive insurance coverage for a defined period of time, which is typically 10 to 30 years in length. During this time, you will receive coverage for up to your policy level. Once the term of the insurance period is over, you will not receive the money you paid into the policy. However, the level of coverage you receive during your term is significant compared to a relatively low monthly premium.
Another popular option is to get whole life insurance. With this type of coverage, you can receive coverage for the rest of your life as long as payments are made each month. While it tends to be more expensive, whole life is also considered a low-risk saving and investment option. With each payment you make, a portion of your investment will go into an account that can eventually be liquidated.
When you are looking for a life insurance policy, you should speak with the professionals at Chambers Bay Insurance Group as we can make the process of obtaining life insurance simple. We have helped many clients better understand their life insurance needs and options. Contact our office to speak with an agent and learn how you can get a quote.