In West Hartford, CT: What Are the Different Types of Life Insurance?

In West Hartford, CT, the agents of StateChoice are available to help you make an informed decision when it comes to choosing the type of life insurance that will best suit your needs. The type of life insurance you choose will depend greatly on your age, your budget, and what you expect to gain from your policy. While there are numerous types of "life" insurance, the two main types are Term and Whole life insurance.

Term Life

Term life is a basic policy that has one specific goal. It’s designed to provide a death benefit that can be used to cover your final expenses. The premiums remain the same until the policy reaches is paid in full. The duration of a term life policy can range anywhere from 10 to 30 years, with most having the option to be extended.

Whole Life

With a Whole life policy, the premium remains the same throughout the duration of the policy. The policy won’t change or be raised if you become ill or your circumstances change. The value of the policy continues to grow on a tax-deferred basis and is not subject to taxation until you withdraw the funds. A whole life policy can be an excellent investment opportunity if it’s purchased while you are young enough to let it accumulate for several years.

The agents of StateChoice serve residents in West Hartford, CT and many of the surrounding communities. If you are interested in purchasing a life insurance policy or have questions about how they work, call one of the agents today. They can provide you with the answers you’re looking for and find a policy that is able to meet your specific needs.