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Life insurance is one of the most important investments you can make for your family’s future, but deciding which type of policy is right for you can be challenging. Term life insurance provides coverage for a set period, while whole life insurance offers lifelong protection.

There are a few things to consider when choosing between term and whole life insurance. Bacon Insurance Group in Richmond, VA can help you navigate this vital insurance coverage.

To determine the best life insurance for yourself, consider your needs:

Do You Have Children?

If you have young children, you’ll want to ensure they are taken care of financially if something happens to you. A whole life insurance policy will provide that your family is taken care of no matter what, while a term life insurance policy will only cover you for the length of the term.

Do You Have a Mortgage?

If you have a mortgage, you’ll want to make sure it is paid off in the event of your death. A whole life insurance policy can help ensure your family doesn’t have to worry about making mortgage payments if something happens to you. Your Bacon Insurance Group agent can help you determine whether term or whole life insurance is correct based on your needs.

What’s Your Budget?

Whole life insurance policies are typically more expensive than term life insurance policies. A term life insurance policy may be better if you’re on a budget. However, a whole life insurance policy may be worth the investment if you can afford the higher premiums.

What Are Your Other Financial Obligations?

Think about your other financial obligations, such as credit card debt, student loans, or car loans. You’ll want to make sure these are paid off in the event of your death so your family isn’t left with a financial burden. A whole life insurance policy can help ensure your family is taken care of financially if something happens to you.