Two Types of Life Insurance

When you have loved ones who depend on you, life insurance is always a good idea. If you’re looking for a policy, it’s a good idea to find out about the two types of life insurance on the market. Then, you can make the best decision for you and your family. These types of life insurance work very differently, and one may be better for your budget than the other. Call us at Tackett Insurance Inc. in Memphis, TN when you need a life insurance policy.

Term Life Insurance

This type of insurance runs for a set term of time. When you get a term life insurance policy, you sign up for a policy with an eventual expiration date. That’s when the policy ends, and you will have to get another policy entirely to be covered again. The term of time that the policy lasts is usually a set number of years, such as 10 or 20 years. One of the advantages of this insurance type is that it is priced lower than the other type. This tends to be an affordable way to get life insurance that is easier to fit into tight budgets. 

Whole Life Insurance

This type doesn’t come with the expiration date that term life policies do. Instead, it’s good for the rest of your life. It stays in effect no matter what age you reach. Many people like that they won’t have to get another policy, but these policies cost more than term life. These policies also build a value over time that you can later borrow if you should ever have a financial emergency. This cash value starts to build up after a few years of owning the policy. Some choose this type of policy because of this cash value. 

Get Life Insurance 

To get a life insurance policy of your own, call Tackett Insurance Inc. in Memphis, TN to find out more.