Click to CallThere are two main types of life insurance available on the market. Each has its own advantages and drawbacks, and each is a solid insurance product that can help you leave something for your loved ones. It’s important to have life insurance to ensure that your loved ones aren’t left in serious financial straits after you’re gone. To get started with life insurance, you can contact us at Partners Insurance & Financial Services Inc. in Huntington, WV.
Term Life Insurance
Term life insurance policies are very common because they are low-cost. This is one of the major advantages of this type of policy. They tend to be far more affordable than whole life policies. The downside is that a term life policy comes with an expiration date. The policy is effective on a specific date and then expires a certain number of years later, often anywhere from 10 to 30 years. After it has expired, the former policyholder needs to seek out a new policy to insure themselves again.
Whole Life Insurance
A whole life insurance policy works very differently. These policies don’t have expiration dates. Instead, they keep covering the policyholder for the rest of their life. If you keep paying for the policy, it stays in effect for as long as you want. This type of life insurance policy also comes with an additional bonus. Each policy will build its own cash value after a while. It can take years to build up, but you can borrow that amount when it does. This is invaluable if there is ever a financial emergency.
Get Life Insurance
It’s important to have a life insurance policy in place to benefit those you leave behind. Call us at Partners Insurance & Financial Services Inc. in Huntington, WV, when you need a life policy.
