Choosing between whole life insurance and term life insurance in Plainfield, IN can be tricky for young families. There are many aspects to consider before making the right choice for your particular situation. Here at Gill Insurance Agency, we understand this challenge and strive to help our clients make the best decision for them. To support you in making an informed decision, here’s a brief summary of what whole and term life insurance entails.
What is Whole Life Insurance?
When it comes to life insurance, whole life is permanent coverage that runs your entire lifespan provided you continue paying premiums. An aspect of this policy is the cash value component, meaning a portion of payments goes into an account that grows with time. You can access this money while still alive although this often results in higher premiums or a decreased death benefit.
What is Term Life Insurance?
Term life insurance is temporary life insurance that provides coverage for a set period, typically 10-30 years. If you die during the term of your policy, your beneficiaries will receive a death benefit. If you don’t die during the term, the policy will expire, and you will not receive any death benefit. Term life insurance generally has lower premiums than whole life insurance but does not have a cash value component.
Which One is Right for Me?
The answer to this question depends on many factors, including age, health, financial situation, etc. If you’re healthy and looking for affordable coverage, term life insurance may be the best option. However, whole-life insurance may be better if you’re older or have health concerns.
Contact Gill Insurance Agency today to discuss your insurance options in Plainfield, IN!
