When purchasing life insurance, it can become rather overwhelming when you realize just how many options that you really have. There are a number of factors that can influence your choice in insurance policies, and each choice is a highly individual one. However, this article will cover the two major policy types and may help you decide which is best for you.

A term life policy is one that will have low monthly payments and will only be in effect for a certain number of years (as much as 20 years is common, but the length of term policies vary.) If you pass away during the term, your survivors will get the amount of the policy. A term policy can be a good choice for you if you want to have a significant sum in life insurance while still having low monthly payments. Once a term policy expires, you will have to renew it to keep it in effect, and as you get older the costs rise significantly.

A whole life policy is less valuable in payoff but may have more benefits overall. This type of policy, also sometimes called Universal Life, is more expensive on a monthly basis and has a lower total payout, but it offers the significant benefit of building up a cash value. Once the policy is paid off (this policy will have, for example, a five year payment plan) it is fully purchased and is owned by you. When you pass away, the full amount of that policy will be paid to your survivors. If you need to borrow cash against the policy you can usually do so, but you will need to pay yourself back if you want your survivors to get the full benefit when you pass.

Don’t take a chance on passing away with no policy to protect your survivors. You can call or contact our agents anytime to get a completely free comparative quote from several different carriers. We are here to help you find the ideal policy for you and your family!