Taking out a life insurance policy provides peace of mind, knowing that your family will be provided for when you pass away. However, choosing a policy carefully is important to ensure your family has the necessary financial resources both before and after your demise.
Term vs. Life Insurance: Which Option is Best?
If you need affordable insurance coverage for a set period, term insurance is your best bet. It can cover large bills such as mortgage loans, car loans, and university tuition for your children. Term options range from five to forty years, enabling you to pick a policy duration that best meets your needs. However, once your term is up, your premiums will almost certainly rise, making it difficult or even impossible for you to purchase new life insurance coverage.
Whole life insurance costs more than term insurance but offers coverage for an indefinite period of time. Moreover, most policies come with a cash-back feature that enables you to grow your income. You can either withdraw your dividends as the funds become available or reinvest the dividends to increase your savings.
Contact Kriener Insurance in Woodbury, MN for More Information
Kriener Insurance specializes in helping Woodbury, MN, residents purchase affordable, reliable insurance coverage. We offer multiple policy options and provide top-tier customer service to help each customer find and purchase coverage that meets their needs. Call us at your convenience to learn more about the pros and cons of different types of life insurance or get life insurance policy quotes.
