Life insurance is an important commitment. While insurers offer different types of policies, you need not stick to one type. You might get term life insurance now and switch to whole life later. Or in some instances, get a new policy on top of the one you already bought. Should you decide to need both whole and term life insurance, here are things you need to know.
Permanent and term life coverage meet many various needs.
It is important to note that term and whole life policies work differently. A whole life policy is a type of permanent life insurance that guarantees a death benefit regardless of when you die as long as you’ve finished paying the policy. This is an excellent choice if you want to cover permanent financial obligations like caring for a disabled child.
Meanwhile, term policies pay a death benefit when you die during the agreed term of the policy. It helps your surviving family when you’re no longer around to provide for their financial needs. Since most people are expected to live longer the policy term, term life premiums usually cost less.
Consider buying both term and whole life insurance if:
Buying both whole and term life insurance is legal. There’s no limit on how much policy you can hold. If you want two or more policies, you can get them. All you have to do is talk to your agent.
Roper Insurance Services is an independent agency that works with reputable companies that offer insurance products for a reasonable price. We can help you get you a life insurance policy or policies that best fit your situation. You can get free life insurance quote from us by clicking here. Feel free to talk to one of our agents by calling us at (828) 388-1851 or visit us today.