When you know others depend on you, you know you need a good life insurance policy. It’s a good idea to be familiar with the types of life insurance that are available on the market. This can help you to learn more about what you want in a policy. A term life policy is a type that is highly affordable but comes with an expiration date. Whole-life policies work much differently. To find out more about these policies, contact us today at A. L. Saland Insurance Solutions Inc. in Odessa, FL.
No Expiration Date
What many people like about whole-life policies is that they never expire. They run for as long as you want to keep them. As long as you continue to pay your monthly or quarterly premiums, however, your plan is set up, the policy stays in effect. Even if you become quite elderly, the policy will still be there for your loved ones. These policies are called whole life because they can stay with you all your life. Because these policies can run for so long, they tend to be more expensive than term life policies. However, they do come with a unique financial benefit.
Cash Value
Over the many years, you keep your whole life policy, it will start to build up an amount that is its cash value. This amount grows steadily after the first few years. This is an amount of money you can borrow against. If you should have a financial emergency, it can be good to have this cash value ready for you to borrow. The amount borrowed is deducted from the policy’s death benefit until the loan is repaid.
Get Whole Life Insurance
If you’re interested in this type of life insurance, contact us at A. L. Saland Insurance Solutions Inc. in Odessa, FL.
