Term and whole life insurance offer protection for New York residents who lose a close loved one unexpectedly. However, important differences between the two policies are important to be aware of. If you’re considering life insurance, consider the pros and cons of term and whole life insurance carefully to pick the best policy.
What are the Differences Between Term and Whole Life Insurance?
Term insurance is cheaper than whole life insurance but only valid for a specific time. Once the term is up, the insurance policy is no longer valid. If you only want coverage for a set period, i.e., until a mortgage loan or a child’s college education is paid off, term insurance will likely meet your needs. However, if you want to ensure your loved ones receive compensation no matter when you die, then whole life insurance is your best bet. As an added benefit, whole life insurance has a cash value element that term insurance doesn’t offer. You can tap into the cash value as often as you’d like or allow the money to accrue interest to return the highest possible dividend.
Get Professional Life Insurance Advice from AW Burchell Agency Inc.
AW Burchell Agency Inc. has over thirty years of experience helping people in New York and Pennsylvania find life insurance that meets their needs. If you want to learn more about coverage options, life insurance carriers, or the requirements for getting approved for a life insurance policy, contact us at your convenience. One of our agents will work with you to help you get the coverage you need and deserve.
