Your independent agent for life insurance in Fuquay-Varina, NC, helping you plan financial safeguard that offers a payout to beneficiaries, providing support for a range of expenses and needs.
Types of Life Insurance
Two common types of life insurance include term life insurance, which offers coverage for a specific period, and whole life insurance, providing lifelong protection with a cash value component that grows over time..Insurance Matters searches through various insurance providers to secure the optimal life insurance policy for you, ensuring competitive prices.
Term Life Insurance
As the name implies, term life insurance provides protection for a specific period of time and generally pays a benefit only if you die during the “term”. Term periods typically range from one year to 30 years, with 20 years being the most common term. Term Life insurance is often the most affordable coverage because it offers a protection for a certain number of years.
You may want to purchase a term life insurance policy to:
- Get maximum coverage at an affordable price
- Cover specific financial responsibilities like a mortgage or college expenses
- Supplement a permanent policy or work policy
Whole Life Insurance
Whole Life features guaranteed premiums, death benefits, and cash value. It gives you the potential to receive dividends, which can increase the value of the policy when the insured is living or provide an increased death benefit for your beneficiaries.
You may want to buy Whole Life if you want:
- Protection for life
- Payments that stay the same each year
- To be able to put additional money into the policy on a tax-favored basis.
- Cash value you can use while you are living