So, you’re thinking about getting life insurance. Smart move. Smart move for yourself, and smart move for your family. There are two primary branches of life insurance; term life and whole, or permanent life. Handley Insurance Agency is experienced in every facet of term life insurance, and whole life insurance.
“Term Life” refers to a Term Life Insurance Policy. In this type of policy, the policyholder has agreed to a contract with the Insurance Company, regarding a specified span of time. This could be any length of time, although typically the terms are incremental sets of years, like 5, 10, 20, etc. They are a little different than whole life policies in more ways than just covering a certain span of time. For instance, Term Life policies are usually set up to have only a death benefit payout. While they are typically cheaper, there is no way to generate income on a typical term life policy other than for someone to pass away under the specified parameters of the policy. If a term life insurance policy is desired to be extended, it could possibly generate higher premiums for the extended period than for the original period. But don’t worry, if there’s a way, Handley can find it!
“Whole Life” refers to a Whole Life Insurance Policy. And these are exactly what they sound like. They are designed for the policyholder, by the Insurance Company, to generate a payout to the designated beneficiaries in case of death, regardless of when the passing actually occurs. But there are more differences than simply the time restraints on benefit payouts. For instance, most whole life policies have a tax-sheltered cash account that will continue to accumulate inside the umbrella of the policy. Policy holders do not pay taxes on the gains each year, and the money accrued can actually be used for retirement plans. A rider may also be added to a whole life insurance policy. This means that if someone is diagnosed as terminally ill, they may be able to access over half of the policy while they are still alive.
So as you can see, there are benefits to both primary types of Life Insurance, Term Life and Whole Life. If you know you need Life Insurance, but are unsure about what kind, or what different combinations are available, look no further than Handley Insurance! Call us today, and protect your future!
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