There are two main types of life insurance coverage that you can choose from when you are ready to buy life insurance. Both Whole and Term Life insurance has many benefits. Deciding what you may need can be a little confusing, but the Brandon, FL associates at Runnels Insurance would like to help you sort out the differences so that you can make an informed decision.

Whole Life Insurance

Whole life insurance is guaranteed to pay out as long as the premiums are paid. When an insurer dies, the beneficiaries will receive the death benefits. Whole life also:

• Covers your entire life
• Has higher premiums than term life insurance
• Pays the cash value of the policy
• Takes up to 15 years to accumulate cash value
• May not have to take a medical exam

Term Life Insurance

Term life insurance allows for coverage under a fixed-rate system of payments for a specific amount of time. It is not guaranteed and after the term is up, you will need to either cancel coverage or renegotiate coverage with a new contract.

• Will pay only if you die during the term
• Less expensive than whole life insurance
• Can use it as temporary life insurance
• Must renew after the term over
• May be able to convert it to whole life
• Pays death benefits, but not cash value like whole life coverage

Things to Consider When Choosing Life Insurance

Whether you decide to go with term life or whole life, there are few considerations you may want to keep in mind.

• Your age and the age of your children
• Financial needs and budget size
• Funeral expenses
• Health care expenses, if any
• Any debts, including mortgage, auto, or student loans

The knowledgeable insurance agents in Brandon, FL at Runnels Insurance are available to you navigate the process. Stop by our offices today to get started on a whole or term life insurance policy today.