Having proper insurance coverage is a very important responsibility. While most people are aware that they should have a home, auto, and medical insurance coverage, life insurance is often overlooked. Since life insurance is so important, understanding your options is very beneficial. For those that are in the Blacksburg, VA area, whole life and term life are the two most common insurance options and there are benefits to both.
Whole Life Insurance
Whole life insurance is a type of insurance coverage that will provide you with coverage for your entire life. Beyond providing you with the predetermined life insurance amount, a portion of your premium payments will accrue in an account in your name. You will then be able to liquidate this account and redeem the balance at any time. This can also make a whole life insurance policy a good investment that provides conservative returns with minimal risk. However, the premium payments tend to be much higher.
Term Life Insurance
If you are looking for the maximum amount of coverage with a lower payment, term life insurance could be your best option. With term life insurance, you will receive coverage for a certain period of time. The cost of the term life insurance premium will be based on a variety of factors including your age when the policy is taken out, the length of the term, and a variety of other risk factors.
For those that are in the Blacksburg, VA area, choosing the right life insurance option and policy is a big decision. If you are struggling to understand your insurance needs and options, contacting the Dove Insurance Agency could be a great option. The Dove Insurance Agency will be able to explain your life insurance options and help you find the right policy to meet your needs.