Whole Life vs. Term Life Insurance
Which one should you choose? Well we are here to help!
By: Ronelle Hunte-Roddy
Licensed Insurance Agent
When it comes to making large financial decisions, many people might become overwhelmed. All of the options, variations, and choices can make most become unable to make a decision and even when they do, they might be left wondering if they made the best decision for them and their family. Making the decision as to which life insurance policy to purchase is no different.
The main two types of insurance that everyone hears about are term and whole life insurance. They are the most common because they are easy to understand, simple to purchase, and fulfill certain goals depending on the individual. Furthermore, they have many endorsements that provide many benefits beyond just being life insurance. We will go into that in further detail in a different blog.
Please see below for a breakdown of some of the pros and cons with choosing a life insurance product.
The most important aspect is that regardless of which policy you decide, it is important that you choose a policy that suits your needs. Some of the questions you will want to ask yourself are as follows:
What would you like the policy to do beyond providing a death benefit?
If I passed away tomorrow, how much money would my family need to live comfortably for the next 10 to 20 years?
What are my current financial liabilities and current assets?
How long would I need the coverage?
What are my plans if I select a plan that expires?
What happens if I become disabled or I am unable to pay my premiums?
What is my current health and nicotine status?
Now that you have a breakdown of each type of life insurance and what they offer, it is a good time to take a look at your current life insurance plan. If you do not have one, or do not know where to begin, we can help you decipher everything as well as fill any holes and gaps you may have with your current plan. Most people only need a simple plan, but larger more complicated plans are available for those who may need it.
Lastly, do keep in mind that the purchase of life insurance will give your family peace of mind in the even that you are no longer here, they will be taken care of. It will let them know that you were thinking about them and loved them so much that you sacrificed and made sure that even when you were gone, they would be ok. It allows them to mourn for you and not have to wonder about losing their home, vehicles, rental, property, etc. They will be able to maintain their same or better lifestyle and it will be because you thought ahead and planned for the future.
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140 Howell Rd, Tyrone, GA 30290