Having life insurance is important for protecting your family financially in the case of your death. Life insurance can provide your family with the finances they need to supplement the loss of income you were providing while working. However, since there are two options for life insurance policies, how can you know which one is best for you to purchase?
Term Insurance: 
- Affordable: Term insurance provides affordable life insurance policies all while providing a death benefit protection that is the same as permanent life insurance.
- Set Term: You will hold term life insurance for a certain period of time. Many go for 10 or 20 year terms. Once the term is up, you will have to renew the policy and the rates can go up depending on the condition of your health.
- Medical Exam: In order for the insurance carrier to provide you with a quote, you will have to go through a medical exam to determine your health. The better shape you are in, the lower the cost is likely to be.
Permanent Insurance:
- Higher Premium: When you apply for this insurance, you will probably pay a higher premium than term insurance.
- Cash Value: Permanent insurance is almost like a savings account. You can accumulate cash value into the policy over time, which you can borrow against for financing big life events and even your retirement.
- Protection for Life: Once you hold this policy, it provides protection for life, meaning you will not have to renew the policy at the end of any periods of time.
Which type of life insurance is right for you and your family? Talking this over with your insurance agent will help you make the best decision.
Protect your family today. Contact Deale & Associates Insurance Agency for more information on life insurance.