When you know you need to leave something behind for your loved ones, you know you need to have a life insurance policy. It’s important not to leave your loved ones with financial problems when you’re gone. Two types of life insurance are generally available – term life and whole life. Term life works by covering a policyholder for a set number of years. This could be anywhere from five years to 25 years or more. If you choose whole life, however, this type of policy works much differently. If you’re interested in a whole life policy, call us at Dobbs & Braddock Inc. in Atlus, OK.
No Expiration Date
One of the things that people like most about these policies is that they don’t come with expiration dates as term life policies do. A whole life policy is good as long as you want to keep the policy. It never expires, so you can keep it no matter how old you become. It’s a brilliant idea to get and keep this insurance because it’s so hard for people who are of elderly age to get life insurance. If you continue paying, the policy can’t be canceled.
Cash Value
A small part of the insurance company’s profits from investing in the premiums you pay gets put into the policy as a cash value. This amount builds up slowly and eventually becomes a significant amount that you can borrow against. Many policyholders find this gives them peace of mind in case of a serious financial problem.
Get Whole Life Insurance
If you know you need life insurance, a whole life policy might be right for you. Call Dobbs & Braddock Inc. in Atlus, OK, to get started.
