When you know that you need life insurance to help your loved ones after you’re gone, it’s a good idea to know about the two main types so that you can choose the right type of policy for you. Each type has its own pros and cons, and both work very differently from each other. When you need life insurance, you can call us at Pethel Insurance Group in Kannapolis, NC to find out more.
The Two Main Types of Life Insurance
Whole Life Insurance Policies
Whole life is named the way it is because it offers protection for your whole life. The coverage never expires, and it covers you even in your older years. This type of policy pays a death benefit upon the death of the policyholder, but it also has another benefit.
During the policyholder’s lifetime, the whole life policy will build up a value over time which is its cash value. This is an amount that the policyholder can borrow just in case they should ever need to. This is paid back as any other loan. It can help families that have a financial emergency and need that help to get out of it.
Term Life Insurance Policies
These life insurance policies have an expiration date that allows the policy to stay in place for a certain number of years. After that term has ended, the policy expires, and you will need to get a brand new policy to cover you.
There is also no cash value that builds up on these policies. However, they cost much less than whole life policies. This low price allows a lot of people to fit life insurance into their budgets that wouldn’t be able to otherwise.
Get Life Insurance Coverage
When you need to get a life insurance policy, call us at Pethel Insurance Group in Kannapolis, NC.
Families who live in the greater Kannapolis, NC area rely on the team at Pethel Insurance Group for all of their life insurance needs. If you are unsure about what type of life insurance, and what amount, is right for your family, we can help. Our team is here to answer any questions that you may have about life insurance. Give us a call or stop by our office today.
Do you need help finding the right life insurance for your family?
Choosing the right type of life insurance for your family may feel like a difficult decision. And, because everyone’s situation and needs are different, you may not know where to turn for advice.
One of the best ways to determine the right type and amount of life insurance that is right for your family is to sit down with a local agent. This allows them to form a clearer picture of your family’s future needs. Life insurance is especially important for families with young children, but the need for life insurance doesn’t end when those children turn 18.
Take the time to calculate your life insurance needs and take one step closer to providing your family with the protection it needs. There are many different life insurance options available. One is sure to be right for you!
Get in touch with us today!
Pethel Insurance Group is here to serve the insurance needs of the greater Kannapolis, NC area community. We can help you determine which type of policy is right for your family, and also provide information on what the appropriate level of protection may be. We are here to help! Call or stop by our office today to learn more about the life insurance options that are available in our area.
At Pethel Insurance Group in Kannapolis, NC, we are independent insurance agents who have been helping our customers to find the right coverage for more than 15 years. We are family-owned, and we will work hard for you to get the right policy at a price you can live with. Life insurance is not a type of insurance where everyone’s needs are the same. Your needs are personal and getting to know you is part of the process.
Is term life insurance right for me?
Term life insurance offers coverage for a certain number of years. What you are paying for is a death benefit. If you are alive at the end of the term, the insurance ends and there is no longer a benefit. It is the perfect type of insurance when you require a large amount of coverage for a certain number of years. It is affordable and provides peace of mind that your dependents will be taken care of in the event you die.
Do I need life insurance if I get some from work?
Do you know exactly how much life insurance your employer provides? Is it enough to provide for your dependents in the event you pass away? Can you keep the policy if your employment is terminated either by you or your employer? Having your own life insurance is always a good idea. Consider employer-provided insurance a nice supplement to the coverage you already have.
When should I review my life insurance coverage?
Life is not static, it changes over the years and, like so many things, you need to take a good look at your coverage when any of these events happen:
- When you change jobs
- When you buy a home
- When you get married
- When you have children
- When you retire
Contact Pethel Insurance Group in Kannapolis, NC to discuss your life insurance coverage.