Life insurance is something you do for your family. But few people know a lot about it. Many people get a life insurance policy as part of a benefits package from their employer, and they leave it at that. This is not really a good idea, especially if you are the type who likes to change jobs every few years. If you have to take over the payment yourself when you leave your job, you will likely be paying more than you need. Getting a new policy as you get older gets more expensive. At Ashley Insurance in Easton, MD, we are a locally owned independent agency dedicated to getting you the best insurance for the right premium.
Deciding what type of life is best for you depends on a couple of things. Your age, how long you want your policy to last, and do you want to have more than just a death benefit.
Term life insurance has a period of being active. It only lasts for a given number of years. When the term of your policy ends, the policy is gone. Some term policies allow you to extend the term, but if it is 20 years later, you won’t be paying the same amount you did when you took it out. The premiums are affordable and if you need a large amount to protect a growing family, this is a good option.
Whole life insurance lasts for your whole life. It earns dividends, and it allows you the option to borrow from the accumulated cash value. It is an easy way to save while getting protection, but it cost more than term life.
Both types of life insurance have benefits and drawbacks, and you probably should have both as part of your financial plans. Talk to the team at Ashley Insurance in Easton, MD to discuss your life insurance needs. Come into our office or give us a call for a no-obligation quote.