The Two Main Types of Life Insurance

There are different types of life insurance policies that people can choose from depending on their own needs. Often, the chosen one comes down to the budget of the person seeking the policy. When people rely on you, having something to leave them when you’re no longer around is important. When you know the types of life insurance available, it’s easier to choose exactly what you want to protect your family. You can call us at The Insurance Shop USA in Sandpoint, ID to get your insurance policy.

Whole Life Insurance

This type of life insurance is one that you can keep for the rest of your life. It’s called whole life because it stays active for your whole life. Even if you become very elderly, you can keep your policy. All you have to do is to keep paying for it as agreed. If you do this, it can’t be canceled. These policies also have a cash value that becomes available. If you should have a financial emergency, you can borrow this amount to help yourself through it. This cash value starts small and builds over the years you have the policy. 

Term Life Insurance 

This type of policy doesn’t necessarily stay good for the rest of your life. It’s good for a very specific term. It’s set for several years. If you haven’t passed away during that term, the policy will expire at the end of it. The trade-off is that this type of life insurance is much less expensive. Many people choose to get a term life policy because it best fits their budget. 

Get Life Insurance

Call us at The Insurance Shop USA in Sandpoint, ID to learn more about life insurance. We can help you get started with a policy of your own.