Life insurance comes in two main types: whole and term life. These policies work very differently from each other. Both policies pay a death benefit when the policyholder dies, but they each work in different ways and have different kinds of benefits for the policyholder. When you need life insurance of either type, give us a call at Adams Insurance & Financial of Northwest Arkansas to find out more and get started.
Term Life Insurance Explained
Term life insurance comes with the major benefit of being less expensive. This is a big draw to this type of coverage. It is often the only type that people on a budget can afford to get and would have to go without life insurance without term life. However, it does have its drawbacks. It’s named "term life" because it stays active for a specific term. This is generally a number of years during which the policy is good. Once the end of this term comes, the policy expires. To be covered by life insurance again, you would have to apply for a new policy.
Understanding Whole Life Insurance
Whole life policies work much differently. They don’t have a set term of time at all. They are policies that you can keep in place no matter how old you get. These policies also build up a value that you can borrow if you ever need to. Term life doesn’t come with this benefit. This cash value starts building after a few years and can become a sizable sum, just in case you need it.
Secure Your Life Insurance with Adams Insurance & Financial
No matter which type you choose, you need life insurance to protect your family. Call Adams Insurance & Financial in Northwest Arkansas to get started on a policy.
