Most people take being alive as a fact of life. While most people worry about how they will continue to provide for themselves and their family, that is usually about finding a good paying job, and as a plus, to live comfortably.
What happens if in the unfortunate case the breadwinner or one of the providers passes away? There will be a large void in their income, causing many people to go be swimming in debt; whether on their home, other debts, or just putting food on the table.
The most common and inexpensive form of life insurance sold is Term Life Insurance. As its name implies, it is sold in term increments, usually 10, 15, 20, 25, or 30 year terms. It will remain at the original yearly rate throughout the policy, only paying out in the case of death while the policy is active. It is a low cost tool to provide maximum protection to your loved ones.
A Whole Life Insurance policy differs from a Term policy in that it is not only for a 10-30 year term. This will protect your family as long as the premiums are paid, from the day the policy starts, until the person passes away.
A major draw to Whole Life Insurance is that the money that you pay for your policy is not thrown away, you can actually pull the money that you already paid in, out to pay for bills, or anything you may want. Call one of our Life Insurance representatives today to find out how these options work, and what the best option for you would be at 410-653-3053.