Choosing Between Whole and Term Life insurance

Choosing Between Whole and Term Life insurance

Is a permanent or temporary life insurance policy better for you and your family? 

Are you in the market for life insurance? All the various types of life insurance, from whole life, term life, variable life, and universal life, can be narrowed down to just two forms: term and permanent. As their names imply, term life insurance is designed to cover a certain term or a number of years, whereas permanent life insurance stays with the policyholder for their entire life (as long as premiums are paid, of course).

Deciding on which is better for your needs requires taking a look at each option.

Term Life Insurance

Term life insurance is awarded many votes because of its attractive, low premium. It is a popular choice for people who believe it can provide the greatest capacity at the lowest overall cost. Individuals can decide on this coverage and choose to have protection in place for a certain number of years, such as 10 years, 15 years, or 30 years. Once this term is over, your premiums stop and your death benefit stops. At the end of that term, you will need to renew the policy again.

Whole Life Insurance

Whole life insurance is a permanent life insurance that is designed to provide protection for your whole life. Policy premiums are usually fixed, and, unlike term life, has a cash value, and may be cashed out once you retire and don’t need the policy any longer. This policy can be useful as part of a highly customized personal finance or estate planning strategy.

Talk to the professionals at Lloyd S. Berkett Insurance Agency to secure the right life insurance for your needs and budget.

11150 W. Olympic Blvd.
Suite 1100
Los Angeles, CA 90064

(310) 857-5757
(800) BERKETT | 237-5388
Fax: (310) 857-5750

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The Lloyd S. Berkett Insurance Agency, Inc. was founded in 1946 by Lloyd S. Berkett. Regarded as one of Southern California’s most successful, well-respected and innovative independent insurance agencies, ... Read More

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