Term vs. Whole Life Insurance

Posted on November 26, 2024November 25, 2024 by admin

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 Once the term is up, the insurance policy is no longer valid.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.

Life insurance FAQs

Posted on March 23, 2023March 23, 2023 by admin

Life insurance is a lasting gift that can help your family and loved ones survive financially after you have passed away. If you have someone who depends on you and your income, it can make sure that they’re able to maintain their current lifestyle. Even if you are not there to provide for them. If you live in New York or Pennsylvania, you can count on AW Burchell Agency Inc. to be there for you to answer questions and to help you if you need to file a claim.

When should I start buying life insurance?

Some parents buy whole life insurance policies for their children to get them started at an early age, so it is never too early. When you are young and healthy, your life insurance will be the best price ever, so as soon as you can afford to, is the best answer. You don’t need to start big, but you should start.

Can I have more than one beneficiary?

Yes, you can have pretty much as many beneficiaries as you want. Keep in mind if you are choosing grandchildren, for example, they will not be able to collect until they are of age.

Why should I buy whole life insurance?

Whole life insurance will stay with you for your entire life. It doesn’t have a term, the payment won’t go up, and it will last all of your life. It earns cash value, and if you have it long enough, it will be worth more than face value. You can also borrow against this policy if the need should ever arise. It makes a nice addition to a lifetime financial plan.