The most common life insurance question of them all: Should I choose term or whole life insurance to protect my loved ones? This week, our agents at Paradiso Insurance are here with a few answers!
To be honest, your best option depends on a variety of factors – from your age to your financial situation. There is a reason why our dependable insurance agents are here to evaluate your personal situation! For now, we will share a few clear cut differences with you to give you a good idea of both options.
Term life insurance: A term life insurance policy will protect a period of your life, whether that means 5, 15, or even 30 years. The best part about this type of life insurance plan is the cost. For a low premium, you will have a great deal of coverage. However, once the term has expired, your rate can change. Also, a term life insurance policy cannot have cash value or build equity over time. This is a temporary solution for most.
Whole life insurance: Also known as permanent life insurance, whole life is protection that carries with you your entire life. Over time, it CAN build equity and have cash value. This type of policy is extremely valuable. The downside is the higher premium, but it could be worth it in the long run!
If you are still at a loss about the type of CT life insurance policy you need, do not wait another second to call us at Paradiso Insurance. We would be more than happy to assess and evaluate your lifestyle, financial situation and background to find you a “perfect fit” life insurance plan. Whether term or whole life, you are sure to be covered with us!