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What Is the Right Kind of Life Insurance?

Most people think insurance is a necessary evil, but it doesn’t have to be. Insurance can protect you from life’s uncertainties and provide for those you leave behind when the time comes. And luckily, there are now many types of policies that offer different levels of coverage with various costs and benefits, as well as many flexible payment plans to suit your budget. In this post, we will explore term insurance and whole life insurance options.

Term Life Insurance

First, let’s explore term insurance because it is the simplest type of policy to understand. A term life insurance policy lasts for a set amount of time (called the "term") and provides coverage for an agreed-upon amount of time. Term life insurance rates are based on your age and health. If you die during your policy term, your beneficiaries will receive the agreed-upon amount of coverage. But if you die after the term is completed, they won’t get anything—because there is no savings component to a term life insurance policy.

Term Life Insurance Pros and Cons

The key benefit to a term life insurance policy is that it offers affordable protection for a set period. The major drawback is that once the policy expires, there is no cash value—so your beneficiaries will not receive anything if you die after the term of coverage.

Whole Life Insurance

Whole life insurance is also known as permanent life insurance because it lasts for your entire lifetime, with coverage having no expiration date. Whole life policies accrue a cash value over time. In fact, you can borrow against the cash value of a whole life policy for emergencies or large purchases. Whole life insurance premiums are higher than those of term life insurance, but the policy provides a guaranteed death benefit. Your beneficiaries will receive at least what you insured yourself for—no matter how long you live.

Whole Life Insurance Pros and Cons

The main benefit of a whole life insurance policy is permanent protection. There are no expiration dates, and you can keep the policy as long as you continue making the required premium payments. The downside of this plan is that premiums tend to be expensive, and if you stop making payments or die before the term expires, there’s no benefit to your loved ones.

Life insurance is a valuable tool to help protect your family and provide them with some sense of stability. L M Insurance & Financial Services LLC in Bronx, NY can provide you with the information you need to make an informed decision on the best type of plan for your situation. Call us today to speak with an experienced professional about term life, whole life, and other types of coverage.

"Proudly servicing the New York, Tri-State Area for nearly 20 years. Miami FL office coming soon.."


Coming soon...

"Proudly servicing the New York, Tri-State Area for nearly 20 years. Miami FL office coming soon.."

Coming soon