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Life insurance provides your immediate family with the financial assistance needed to cover funeral expenses and large bills such as college tuition and mortgage payments. However, not all policies are equal. Term life insurance, which is popular due to its relatively low price tag, has both advantages and disadvantages. Commerce, GA residents will want to carefully consider this type of policy’s pros and cons to make an informed decision.
How Does Term Life Insurance Work?
When you purchase term life insurance, you choose the length of the policy, be it ten years, twenty years, or thirty years. If you die before the policy ends, your beneficiaries will receive a payout. If your policy expires before your demise, you get nothing.
Term life insurance is ideal if you need affordable coverage that offers protection for specific expenses. However, it’s less than ideal if you want to build a nest egg. While more expensive than term coverage, whole life insurance builds cash value that you can access while you’re still alive. What’s more, if you purchase whole life insurance, you don’t have to worry about renewing your policy at a later date. On the other hand, if you decide to renew term life insurance once it expires, your premiums will go up. This is especially true if you’ve developed a medical condition since the time you originally purchased your term insurance policy.
Get Life Insurance Help from Commerce Insurance Agency in Commerce, GA
Purchasing life insurance is an ideal way to protect your family from financial ruin. At Commerce Insurance Agency, we offer personalized advice and assistance to help each client review policy options and pick the policy that’s the best fit for their personal situation. Contact us to learn more about our policy options or to get a life insurance policy quote.
