Why You Should Consider a Permanent Coverage Option

Understanding the difference between whole and term insurance is key to making a good decision about your specific needs. Many experts will tell you that the policy type that is best for you depends on a variety of situations in your life, and that research is important in determining if you should choose term or whole coverage.

Flexible Temporary Policies

Term generally has one advantage over whole life insurance policies - they are less expensive - in the meantime. This is because whole life policies also come with a cash savings account that you pay into as you make the premium payments for the insurance each month. This account grows tax-free for as long as you pay into it and the money may be withdrawn at a later date after certain conditions are met. This temporary option ends after the specified coverage period, forcing you to either be one of the extremely rare, independently wealthy individuals who no longer need a plan any longer, or to renew your policy under new conditions and likely a higher rate due to your age.

Whole Life Benefits

The primary advantage of a permanent option over a temporary counterpart is the peace of mind that comes with knowing you are covered at all times at the same rate and no worries about rising premiums, and the many advantages of the savings account that comes with a whole life plan. After you get your cheap whole life insurance quotes and choose your policy you can look forward to taking advantage of: