There is no need to be confused about what may seem like a bewildering number of life insurance choices. In actuality, life insurance comes in two basic forms, term insurance and permanent insurance, sometimes referred to as whole life. Simply put, term insurance covers the insured for a “term” or specific period of years. On the other hand, permanent or whole life insurance covers the insured for as long as premium payments are made in a timely fashion.
Term insurance is generally less expensive on a per-thousand basis than permanent insurance. This makes term insurance an attractive choice for younger families who have large mortgages, credit card debt, children, and future college costs to be concerned with.
While permanent insurance is usually more costly than term insurance, it does have some other benefits not found in term coverage. Most whole life or permanent life insurance policies will build cash value that increases the longer it is in effect. This cash value may be tapped into for emergencies and opportunities in the future. It is sort of a built-in savings feature that is particularly good for those who struggle saving money.
The type of insurance that is best for you will depend on your specific life-stage. Contact Diverse Insurance Solutions to discuss your needs. Our life insurance agents, we have the ability to seek out the best rates and coverage available from a variety of providers. We are also right here to answer your questions. Contact us for a life insurance review and to discuss how to protect you and your family. We can help ensure your goals are met and your assets are protected. Don’t be overwhelmed with what you may perceive is a challenging choice. Contact Diverse Insurance Solutions and get the protection you need today.