Many different types of life insurance are offered through insurance agencies and picking the one that is right for you can be a difficult decision. It is important to work with an agency who has extensive knowledge on the different policies offered. Our agents at Buttrey-Wulff-Mamminga Insurance Agency have years of experience and make picking a life insurance policy a breeze.
An important first step is knowing the difference between whole and term life insurance, which are the two main types of life insurance. The first important difference is cost, term life insurance is typically more affordable because it covers protection for only a certain amount of years. Whole life insurance gives you protection for life and the premium you pay is guaranteed to stay the same throughout your life, but is more costly than term life.
So, how do you decide which one to pick? Whole life gives you protection for life, payments that remain the same each year, cash value while you are living, and the ability to put additional money into the policy on a tax-favored basis. Whole life makes the insured feel secure and confident because they know exactly what they will be getting for life. Term life is for the insured who wants a lower premium because of other large expenses, such as a mortgage or college loan. With term life you get maximum coverage with a low premium and you also can supplement a permanent policy or work policy. One disadvantage for term life is that it is only good for a limited term. If the policy is not renewable, the insured can be left without insurance at an older age when they need the protection the most. Also, unlike whole term, term life does not offer living benefits such as cash value.
Two words to help sum up the two policies is cost and longevity. Our certified insurance agents at Buttrey-Wulff-Mamminga will help guide you in the correct direction when deciding which life insurance policy is correct for you. Our clients feel secure dealing with an agency with the amount of years and the experience we have helping families and business with all their insurance needs. For more information please visit our website.