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Types of Life Insurance

There are two primary types of life insurance, and it’s important to understand each of them when it’s time to choose your life insurance policy. Both term life and whole life insurance policies have their own benefits and drawbacks. When you know how each of them works, it will be easier to make the choice that is right for you. When you’re ready to find out more about life insurance, give us a call at Valor Insurance in Easton, PA to find out more. 

Types of Life Insurance

Whole Life Insurance

Whole life insurance is a popular type of life insurance for several reasons. It is a type of insurance that you can keep for your whole life, hence the name. Your life insurance policy will stay in effect for as long as you keep paying for it, no matter how old you get. This is a good way to ensure that you will always have life insurance. This type of policy costs more, but it has a surprising advantage. When you pay your insurance premiums, they are invested by the insurance company, and a small portion of those profits become a cash value for your policy. This is money that you can borrow against if you have a financial emergency and need quick access to money. 

Term Life Insurance

A term life insurance is also what it sounds like- it’s only good for the term of the contract, which may be 20 years or more. When you have this insurance, it costs less than whole life, but it does expire at the end of the term. When that happens, you have to apply for a new policy. 

Get Life Insurance

If you don’t have a life insurance policy, it’s not smart to wait. You need to have this policy in place right away. Call us at Valor Insurance in Easton, PA.