Life insurance, in many respects, is the gift that keeps on giving. Not only do you have the assurance that your final expenses will be taken care of in the instance of your death, but life insurance also offers certain perks while you are living. A whole life indemnity plan, for instance, provides a cushion so that you can cash out the interest accrued on your policy to use for emergencies. Term insurance comes with the ultimate perk of having coverage for less money.
Farrell Insurance Associate Inc. can ultimately help you find the life insurance policy that best fits your lifestyle in Lansdale, PA. In the meantime, you can use the guide below to determine which type of assurance plan may be right for your needs.
Whole Life Insurance
Some deem whole life insurance the full package in indemnity plans and for good reason. As the option’s name implies, whole life insurance offers you the benefit of coverage when you pass on all while giving you financial advantages before death.
Many homeowners pursue whole life insurance because of certain assets and the need to feel secure with their decisions regarding final expenses. Those who do not own property may also choose whole life insurance just to have a safety net should there be a reduction in income.
Term Life Insurance
Term life insurance is much cheaper than whole life assurance plans, which is why those who are younger may pursue such options. You can purchase a higher premium when you opt for term plans. It is important to be aware, though, that this more affordable choice comes with the limitation of only being in place for a certain time period. Your insurance guarantee ends when your term is up.
How Much Do You Need?
The amount of life insurance you need depends on your lifestyle. Those with families may choose a higher premium to ensure that all debts are covered. You may not need as much coverage if your financial responsibilities are few.
Farrell Insurance Associate Inc. can help you understand how life insurance plans work in Lansdale, PA. Call them today for a quote!