July 8, 2013

Whole vs. Term Life Insurance: Which is right for you

Life insurance is a serious matter. It is a type of insurance that requires a lot of thought. If you were to buy life insurance today, which would you buy, term life insurance or whole life insurance? For many people, life insurance is about providing for your family, but few people consider that the financial needs of their family changes over time.

Here are the differences between the two types of life insurance and a good guide for determining how to find the right life insurance for your family.

Whole life insurance uses the premium to build interest, and it pays off when you die, regardless of your age.

Term life insurance pays you a set amount of money providing that you die within the term of your policy. Term life insurance is insurance coverage that covers you for a specific period of time, such as 20 years, 30 years, etc. Your policy ends at the end of that term and then you are no longer covered by life insurance. This is a type of life insurance that is often used when families are young and spouses wish to provide insurance that will replace lost wages if one or the other were to die prematurely.

Brewer-Lloyd Insurance Group works with families in the Mesa, Arizona area. If you would like more detailed information about which type of life insurance is right for you and your family, then please contact Brewer-Lloyd Insurance Group.