When you are in need of life insurance, it’s best to know about the two main types so that you can make an informed decision about which type to choose. The two types, whole life, and term life are very different from each other. They each have their own advantages as well as disadvantages. If you want to know more about life insurance and get started with a policy, call us at L M Insurance & Financial Services LLC in Bronx, NY.

Term Life and Whole Life Time Periods

One of the biggest differences between these two types of policies is the amount of time that each type lasts. If you have a term life policy, it’s written with a certain term during which the policy will stay good. A term life policy is written for a specific number of years. It stays in force during those years. But at the end of that term, it will expire. However, when you have a whole life policy, it never expires. With a term life policy, you have to apply to get another policy after yours expires. If you don’t mind your policy expiring, you can get a term life policy. If you do, you might think about a whole life policy. 

Financial Differences

One of the reasons that so many people get a term life policy is that it’s less expensive. A whole life policy will still be in effect when you’re elderly, so these policies cost more. However, a whole life policy also creates a cash value. You’re able to borrow this amount if needed.

Get Life Insurance

Life insurance is important for your loved ones and their needs after you’re gone. Call us at L M Insurance & Financial Services LLC in Bronx, NY to get started.