There are two primary types of life insurance: whole-life policies and term-life policies. Each type presents its unique advantages and potential pitfalls. Both are popular methods to safeguard a family’s financial security. Life insurance is a necessity, providing benefits to your dependents should anything happen to you. If you’re underinsured, don’t hesitate to contact us at Bacon Insurance Group in Richmond, VA.
Whole Life Policies
A whole-life insurance policy is usually the preferable choice for coverage that lasts a lifetime. Unlike term-life policies, whole-life policies do not have a set expiration. They provide coverage throughout your life, eliminating the need to renew or purchase another policy as you age. Furthermore, whole-life policies accumulate cash value over time, providing a monetary benefit you can borrow against should you encounter a financial bind.
Term Life Policies
Term-life policies operate differently, providing coverage for a specified period. Once the policy term is over, the coverage ceases, necessitating a new policy purchase to continue coverage. Term-life insurance does not include a cash value component, meaning there’s no cash accumulation for borrowing against. However, due to this aspect, premiums for term-life policies are generally lower compared to whole-life policies—a reason many choose term life insurance.
Get Life Insurance
Regardless of the type of life insurance you’re seeking, we can assist. Contact us at Bacon Insurance Group in Richmond, VA to get started.
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