The years of our life flash right before our eyes. Before we know it, we are faced with having to make important financial decisions today so that we can carry them out into the future for our loved ones. Life insurance is just one of the ways you can start protecting your money from the unexpected turn of events that can affect those around you. It all comes down to the policy you choose to go with. At Care Financial, you have the option between a term life insurance or a whole life insurance.
Work within your budget
When it comes to term life or whole life insurance, it is generally pretty easy to distinguish the two in regards to rates. Term life insurance is less expensive than whole life, because as the word itself emphasizes in “term”, it is only meant for a short-term period of time. Depending on what your budget looks like, it can help determine which type of insurance is best, although there are other variables that should be accounted for as well.
Consider your age and overall health
Your age and overall health will have a lot to do with which insurance is most beneficial. For example, term life insurance is meant to expire anywhere between one to thirty years, or however long you decide to keep it active. Whole life insurance never expires and will last your whole life. If you are young, but you have a serious chronic illness that will affect your older years, whole life insurance would be more suitable. If you are a senior and are thinking about getting life insurance for the first time, then your whole life may not work in your favor as it is a permanent policy and the premiums are much higher.
Investments and cash value
Something you may want to look into is whether or not you want your life insurance policy to include a self-investment and cash value premium. For whole life insurances, there is a guaranteed interest rate that is accrued by the insurer and is then invested into a portion of your premiums in a tax-deferred cash value. On the other hand, term life does not include any investments and the premium may vary so you would have to solicit any stocks on your own. As with both types of policies, you get to choose who your beneficiary will be. A financial consultant can better assist you in every step of the policy you so choose.
Let us assist you in the right direction for a life insurance policy that fits your lifestyle. From temporary coverage to permanent options, there is something for everyone. Care Financial is a privately owned and operated business providing families, individuals and businesses with comprehensive wealth management strategies. Contact us online at www.carefinaicialonline.com or call us at 251-633-7122.