Term Life vs. Whole Life: What Is the Difference? – Fort Washington, PA

Medicare - Insurance - Eric Felt Insurance - Term Life vs. Whole Life: What Is the Difference? - Fort Washington, PA

Life insurance is essential for your family. If something devastating happens to you, is your family protected? Can they go on without a financial burden? Would your family be able to pay bills, settle your debts, or lay you to rest? With your ultimate demise, this will shatter your family. Leave them with the piece of mind that they will not worry about money when you choose a life insurance policy. Eric Felt at Eric Felt Insurance in Fort Washington and the surrounding areas can help you select the right insurance policy for your family. Do you know the difference between term life insurance and whole life insurance?

Term Life Insurance

The design of a term life insurance policy is a set period. You can choose a policy from between 10 to 30 years. Every month you will pay a premium that does not go up in price. If you pass away during your chosen period, the payout will go to your loved ones. However, you will lose those benefits if you do not pass away during that time. Then you will need to purchase a new policy, which will be more expensive. People choose term life insurance for various reasons. One of the leading causes is significantly lower premiums. Suppose you are in a position where your family may benefit from a life insurance policy, but you do not have expendable cash. In that case, term life insurance may be for you. People may choose term life insurance because it is easier to understand, you can get more payout for less money each month, and it is tax-free for the beneficiary.

Whole Life Insurance

According to the Insurance Information Institute, whole life insurance is the most popular policy. Whole life insurance stays with you for your entire life as long as you make the monthly premiums on time. You typically have two options with whole life insurance. You can choose to keep the benefits and premiums the same throughout the duration. Or you can change the benefits and premiums as time passes. Changing the policy can be excellent if your life goals/desires change over time.

Whole life insurance allows you to borrow against the policy if something comes up in your life. Your specific policy determines how much and when you can borrow against your policy. You can discuss this option with your insurance agent, like Eric Felt. Additionally, with whole life insurance, your death benefits are guaranteed as long as you make the monthly premium payments on time.

Call (215) 953-5222 or stop by Eric Felt Insurance Services website to learn more about term or whole life insurance. The best thing you can do for your family is to protect them. With life insurance, you take an extra burden off your loved ones. Don’t delay! Get the correct policy for you today.

Facebook
WhatsApp
Twitter
LinkedIn
Pinterest