Is Term Life Better Than Whole Life?

To choose the right type of life insurance, you need to know which ones are available and what your ultimate goals are. If you live in the Gurnee, IL area, you can contact Statewide Insurance Solutions. Their agents can help you identify your needs and help you choose the right policy. In order to choose between whole life and term life policies, you will need to know a little bit about each one.

Whole Life

Whole life insurance is a policy written to cover your entire lifetime. The premiums are higher because your family will receive the full payout no matter how long you live. If you pass away unexpectedly, the payout will help to support them through a difficult time. It will protect them from financial loss since your income is no longer available.

Term Life

Term life is a policy that is written for a specific amount of time, normally 15, 20, or 30 years. The premium is lower because the policy’s equity or value will remain consistent with the amount of money that has been paid into it. With many term life policies, you will have the option to borrow against the equity once a certain percentage has been reached. You can pay the loan back, or the payments can be added to the end of the policies lifespan.

If you live in or near Gurnee, IL and have questions about whole or term life insurance, call the agents at Statewide Insurance Solutions and schedule an appointment to have all of your questions answered. They can give you the advice you need to ensure you buy the right policy for your needs.