When there are people who depend on you, it’s essential to make sure that they aren’t left without anything when you’re gone. Getting life insurance is responsible for ensuring that your loved ones get what they need in the future. There are two main types of this kind of insurance, and each works very differently from the other. Call us at The Sanford Group in Ball Ground, GA to get one of these life insurance types.
Term Life Insurance Policies
Term life policies come with several benefits and drawbacks. The main disadvantage of this type of life insurance is that the term from the name means that the policy is only suitable for a specific period. It may be ten years, twenty years, etc., and after that, the policy ends. It would be best if you reapplied for life insurance to get insurance after this date. And because you are older when you reapply, the new life insurance policy will be more expensive than the previous one was. However, term life insurance policies are less expensive than the other type. This benefit is what often makes people choose this type of policy.
Whole Life Insurance Policies
Whole life is just what is implied by the name. The coverage is good for your whole life instead of being only for a specific term. If you continue to pay the price of the policy, you will keep the insurance for as long as you want. This type of insurance is more expensive but also grows cash value. The cash value of your policy is an amount the policyholder can borrow if they should ever want to.
Get Life Insurance
Don’t put off getting life insurance. Call us at The Sanford Group in Ball Ground, GA to get started.