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Life Insurance: Term vs Whole Life

Maybe you have heard of it before, maybe you haven’t, Life Insurance…! Now what are your options when it comes to life insurance? Isn’t it all the same? The answer: Not at all!

Nowadays you essentially have two options: Term or Whole Life.

Fist, Term insurance: This is the most economic by far, however, it only last a certain amount of years before it cancels and is done. Usually 20-30 year terms are the most common. You would have say, 1,000,000 in life insurance for 30 years and then at the end of the 30 years, poof! It’s over and you can’t keep going or renew the policy.

Whole Life: This type of insurance will do just as the name implies, last the duration of your life. While it might be a more expensive route, you will always have insurance, so long as you pay the premiums!

They both have their place in life and maybe you need a combination of the two, that’s an option as well. Give us a call to discuss your needs today.