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If you’re looking for life insurance, you need to decide what type you want. You have eleven different types to choose from, and if that sounds overwhelming, then you may want to consult an agent at Taake Insurance Agency in Columbia, IL. We can help answer all your questions.
While there are about eleven types of life insurance, there are two main types that the remaining nine falls under, or what most people may consider an extension of one of the two main categories. However, we are going to take a closer look at two types of life insurance. Term and whole life are the most common forms.
Term Life Insurance
This type of policy is basic and only paid out when the policy owner dies; it is a death benefit policy. There is no cash value you can borrow against. This type of policy is purchased as a 5, 10, 15, 20, 25, and 30-year policy. The premium price does not change for the duration of the policy. If you want to renew it at the end of the policy, you must have a physical exam. This is difficult because of age and other health factors that come later in life.
Whole Life Insurance
As the name implies, the policy is good for the person’s entire lifetime. The premiums do not change as the person ages, and there is also a cash value option. People who are on a budget like the fact that the premiums do not get higher as they get older.
Life insurance is a complicated topic, and everyone should have a policy of some type. If you do not understand what you are looking at, call Taake Insurance Agency in Columbia, IL, and we will help you figure out which policy is best for you. Contact our office to get started with a quote.
