What are Life Insurance?
Life insurance is designed to put life’s “what-if” questions to rest. “What if I died unexpectedly? Could my family continue to live in our home? Would my children have the funds to be able to attend college? Will my family have the funds on hand to pay for my funeral and final expenses?” That’s where life insurance comes into place. It puts these questions to rest by creating a financial service that enables people – and especially working-class families – to put the right protection in place for today and the future.
Are there different types?
Yes! There are two types of Life Insurance: Whole Life and Term Life insurance. Term Life insurance provides coverage for a certain time period. It’s often called “pure life insurance” because it’s a financial service designed only to protect your dependents in case you die prematurely. Whereas Whole Life insurance provides lifelong coverage. To see which of these financial services is for you, checkout our comparison chart below:
Whole Life Insurance vs. Term Life Insurance
Whole Life Insurance
- Life Long Coverage
- Premiums never increase!
- Builds cash and loan value over time
Term Life Insurance
- Coverage for a limited period of time.
- Premiums increase and continue coverage.
- Less expansive than whole life insurance