Types of Life Insurance

Life insurance is always essential for anyone who has people who depend on them. There are two main types of this coverage that work in different ways. Before you choose a life insurance policy, you should know about the different types, so you will know which is best for your situation and budget. When you need to get a life insurance policy, call us at Commonwealth Insurance Center in Williamsburg, VA to get started. 

Term Life Insurance Policies

These policies are suitable for a term of time, generally measured in several years. This may be ten years, twenty, etc. During that term, you have the death benefit in place, so your family will benefit if you pass. However, your policy will expire at the end of this term of years. Some people don’t like that these policies expire and choose a different type because of it. The main benefit of these policies is that they are so inexpensive. With these policies, many people can get a large amount of coverage for a low price. 

Whole Life Policies

These insurance policies are not made for just a specific term. They are made to continue for the rest of your life. This makes them attractive policies for many because they don’t have an expiration date. They are more expensive than term policies, but many people like that they can keep these policies for as long as they want to keep them. Whole-life policies also build a value that you can later borrow against. If you should have a financial problem and need cash, you can borrow this amount to get out of it. 

Get Your Life Insurance Policy

It’s essential to have life insurance, and we can help. Call us at Commonwealth Insurance Center in Williamsburg, VA.