When you have people who depend on you, it’s always important to have a life insurance policy in place. The type of life insurance policy you choose should depend on what you want from your policy and what you have budgeted for the premiums. This insurance has two main types: term life and whole life. They work very differently from each other, but they also have much in common. Both pay out a death benefit to the beneficiaries of the policy. Call us at STARS Insurance in Deerfield, IL, if you need either of these policy types.
Term Life Insurance
Term life is one important factor that people need to know about before getting this type of policy. These policies are in effect for a specific amount of time. After that time has elapsed, they expire. Many people don’t like taking on a policy that has an expiration date, but the trade-off is that these policies cost much less than whole life insurance. This type is highly affordable for most people and often comes with very long terms.
Whole Life Insurance
This type comes with no expiration date at all. It is good for as long as you choose to keep the policy. It’s more expensive, but many people like that it doesn’t expire and that it builds up a cash value. Over the years, it builds this value that you can later borrow against if you have the need to. This can lead to peace of mind, knowing emergency money is available if you ever need to access it.
Get Life Insurance
No matter which type you choose, it’s essential to have a policy in place. To learn more about which type of life insurance you need, call us at STARS Insurance in Deerfield, IL.