There are two main types of life insurance that you can get to protect your family after you’re gone. These types are whole life and term life insurance. Each one has its own pros and cons, and many people will find one more beneficial to them than the other type. When you need to choose a type of life insurance, we can help. To get started, call us now at IAL Insurance in Indianapolis, IN.
The Two Life Insurance Types
Term Life Insurance
This type comes with the benefit of being low-cost. It’s a much more affordable type of life insurance than whole life policies. However, there is an expiration date with this type of life insurance. It is set for a certain term, and after that, the coverage ends. This is generally a specific number of years. During the term, you have coverage. But after it, you have to apply for a new insurance policy to be covered again. This type also doesn’t build up any cash value as whole life does. However, many people who wouldn’t otherwise be able to get life insurance can get it because of the low cost of term life.
Whole Life Insurance
This insurance type comes with a cash value that will build up over the years. This is a cash amount that you can borrow if you need it. With this type, there is no expiration date. The policy stays good for as long as you’re paying for it. No matter what age you reach, the policy will still be in effect. The downside is that these policies can be expensive. However, many people like that these policies don’t expire, and they won’t have to get a new policy later.
Get Life Insurance
You need coverage, and we can help. Call us at IAL Insurance in Indianapolis, IN to get started.