How Should I Pick Between Whole and Term Life?

There are many important insurance decisions that the averange consumer will have to make. One of the the most important forms of insurance that someone can get could be a life insurance policy. When you are looking for life insurance, the two most common options are term and whole life insurance. There are several factors to consider when trying to pick between the two options. 

Consider Coverage and Budget

One factor to think about when you are trying to get life insurance is the amount of coverage that you need and your monthly budget for premium payments. With a term life insurance policy, you will normally get a lot more of insurance coverage for a smaller monthly payment than whole life. However, once the term of the policy is over, all of those premiums will be lost.

Investment Opportunity

When shopping for life insurance, you should also think about this form of insurance as a possible investment opportunity. Whole life insurance is unique because you can make money on your premium payments. Over time, as you continue to make the monthly payments, the value of your policy will grow. You can then eventually liquidate the policy as a personal asset. This makes it a good option for those that want a conservative investment with a guaranteed return. 

Choosing the right life insurance policy to cover your needs is very important. Since it can be hard choosing between a home and life insurance policy, those that are in the West Hartford, CT area should call StateChoice to learn more about all of their options. StateChoice has a team of experienced insurance professionals that can help those all over Connecticut get into a life insurance policy that gives great coverage and peace of mind.