The Two Main Types of Life Insurance

There are two main kinds of life insurance, and each has its own benefits and drawbacks. The life insurance that you choose often comes down to what you want in a policy and how much you want to spend. It’s important to have life insurance so that you have something to leave to your loved ones to help them to manage after you’re gone. When it’s time for you to get life insurance, give us a call at Manzanita Insurance in Prescott Valley, AZ to learn more. 

The Two Main Types of Life Insurance

Whole Life Insurance

This type of life insurance is great for those who want to keep their life insurance for the rest of their lives. With this type of policy, it can’t be canceled by the company as long as you keep on paying for it as agreed. The main disadvantage is that it costs more than other life insurance, but it never expires. Over time, it will also build up a cash value. With the cash value of your policy, you can borrow against it when you need to. Many people find that this gives them extra peace of mind knowing that this money is there for them if they should need it. 

Term Life Insurance 

This kind of life insurance works much differently. This kind of policy stays in effect for a specific amount of time and then expires at the end of it. This is a drawback for many people, but it comes with the advantage of costing less. It’s often an affordable way to get life insurance that many people find fits their budget. 

Cover Yourself With Life Insurance

If you don’t have life insurance, you need to have this protection for the sake of your loved ones. To get started, call us at Manzanita Insurance in Prescott Valley, AZ.