CT Life Insurance: Term Life vs. Whole Life

by owner

Category: Our Blog

Has the time come to purchase CT life insurance? Many adults and young adults may forget to look into this crucial policy. So many Americans make the mistake in thinking “I am young and healthy, so I don’t need life insurance just yet!” The truth is all adults should be looking into a life insurance policy, especially while they are still young and in good health. The healthier you are, the lower your premium will be!

First things first: are you looking into term or whole life insurance? Before you decide, it’s a good idea to assess your lifestyle and figure out what differentiates these policies. So, what are the main differences between term life and whole life? Allow us to give you some insight…

Term life: The cheaper of both options, term life is designed to cover a specific time period or “term” of your life. You will have a low premium for a great amount of coverage! The downside to term life is the fact that there is no equity and it cannot be used as cash value. However, this is the most common choice for many young adults purchasing life insurance.

Whole life: A whole life insurance policy does exactly what is says; covers your entire life (as long as you continue to pay the monthly premium!) While this may seem like the easier option, it will be a little more expensive then term life. This type of policy is permanent and can build equity AND it has cash value.

If you have any other questions or concerns about either CT life insurance policy, do not hesitate to contact our agency. We would be more than happy to go into more detail with you over the phone, in person or through e-mail; you can even grab a free quote!

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