What is Whole Life Insurance?
If you’re looking for life insurance to protect your family, whole life insurance can be a good option. Life insurance protects your family when the unexpected happens. Whole life covers you for your whole life, at a locked-in rate that doesn’t increase as you age or your health changes. Whole life insurance provides a death benefit, but also contains a savings component in which a cash value may accumulate. You can borrow against that cash value at a favorable rate if you should need to.
How much coverage you need varies depending on your family’s needs. Different life insurance policies allow you to choose from a list of options for your coverage amount. When working with your insurance agent, consider how much money your family will need. Will your spouse want to pay off the house? Do you have children that will need to pay for college? These and other considerations will help you determine how much coverage you will need to support your family in the event of your death.
Other Types of Life Insurance
While whole life policies are one option for you to protect your family, there are other types of life insurance you can consider as well. Another option is term life insurance. Unlike whole life, term life insurance policies cover you for a specified amount of years, typically 15, 20, or 30-year terms. Term policies also do not give the option for cash values. Your insurance agent can talk with you and help you make the best decision for your family.
We know you want to support your family, especially in the event of your death. Trottier Insurance Agency can help you do that by picking out the best whole life insurance policy for your needs. Contact us today by calling us at (262) 652-7963.