When shopping for a life insurance plan, you must first consider which one is right for you. There are so many that you can choose from. However, the most common ones people tend to go for are term and whole life insurance. Our insurance professionals at Westco Insurance LLC, serving Colorado Springs, CO, are here to help you choose which life insurance plan is best for your needs.
Term Life is Best if You Need Insurance for a Short Period
If you only need life insurance for a short period, term life insurance might fit your situation. The costs are typically much lower than other insurance plans and are easier to understand. Term life insurance is usually necessary if you have young, minor children. It normally ends when your children are grown. However, unlike most policies, term life doesn’t come with any wealth-building investments or the ability to save on taxes. Plans usually last between 10–30 years.
Whole Life Insurance Provides Plenty of Benefits
While term life insurance has many benefits, so does whole life or permanent life insurance. Unlink term life, it doesn’t expire as long as you keep making the premiums. It provides some cash value as well as a death benefit. Whole life insurance does come with other benefits, such as the ability to withdraw from your policy for financial needs. This makes this plan more flexible than a term life plan.
However, the two plans are more expensive. Also, if you have any outstanding loans, this could reduce your death benefit. But if you’re looking for a life insurance policy that’ll be good for the rest of your life, a whole life policy might be a good option.
Contact our Office Today
Trying to decide if a term or whole life policy is best for you could be challenging. But we can make things easier for you. Contact our office at Westco Insurance LLC to find the right plan just for you.
