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Kartsonas Agency, Inc.
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- Life Insurance
If you have a family depending on you, it is more important now than ever to have life insurance. There are many factors to consider when shopping for a policy. Our friendly agent can help you get the best quote on life insurance that suits your family’s needs.
The two major types of life insurance are term life and whole life.
Term life is the most affordable way to buy life insurance. It costs less than whole life because the policy terminates after a specified length of time. If you remain alive throughout the term of the policy, there is no payout when it expires.
Term life insurance gives you flexibility, with various choices in policy length. It is typically sold in five, 10, 15, 20, 25, or 30 years of coverage. Amounts are also flexible, with policies ranging from $50,000 to millions in coverage. Different types of term life insurance policies include:
One of the major pros of whole life insurance is that it never expires, provided you continue to pay your premiums on a timely basis. Also, there are no surprises. Your payment amounts will remain the same, your rate of return on the cash value of the policy is guaranteed, and the death benefits do not change. However, whole life insurance is more costly to purchase than term life insurance.
Factors to consider in selecting the right type of life insurance policy include: