Leaving something behind for your family’s financial benefit is always an intelligent choice. To do this, you need to have a life insurance policy. There are two main types of this insurance that you can pick from. Each of them works a little differently from the other. It’s a good idea to know what each of them is like and how you may benefit from each of them. When you’re ready to get life insurance, call us at Southwest Insurance Center in Austin, TX to get started.
Whole Life Insurance
Whole life insurance comes with a lot of great benefits. It’s a type that doesn’t have an expiration date. When you start with a whole life policy, it stays good regardless of age. One reason this type is so popular is that you can keep it your whole life and not worry about outliving the policy. It also comes with another vital benefit. These policies start building a cash value over time. After a few years, there is a cash amount that you can borrow against to take care of a financial emergency. Whole life policies are more expensive than term-life policies, but their benefits keep them a popular choice.
Term Life Insurance
With term life insurance, it will expire after a certain number of years if the policyholder doesn’t pass away during its term. When a term life policy expires, you are no longer covered by life insurance. However, these policies are generally much more affordable than a whole life policy. These policies often fit into people’s budgets better and make getting a larger amount of insurance coverage possible.
Get Life Insurance
Call us at Southwest Insurance Center in Austin, TX when you need life insurance to help care for loved ones.