Life Insurance – Should You Choose A Term Vs. Whole Life Insurance Policy?

Life Insurance – Should You Choose A Term Vs. Whole Life Insurance Policy?

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Life insurance, like Central Oregon Car Insurance is something that the average person does not want to think about because, we all expect to live a long time but, sadly, nobody can predict how long they will live and it’s important to have Life Insurance for anyone who wants to insure that their family is protected and they don’t leave any unfinished business behind after they are gone.

Whole Life Insurance

With a whole life insurance policy the policy holder will enjoy the benefit of having their life insurance earn a cash value over the term of that policy and the benefit of the cash value is that the policy holder can cash out their policy over the years or use it as a part of their retirement fund if they live out the term of their life insurance policy.

Term Life Insurance

A term life insurance policy is typically for a shorter period than 30 years and this life insurance policy is only paid out after the policy holder dies.

Should you consider a term vs. whole life insurance policy?

The policy that you choose should be based on your current situation like:

  • Are you married and have children?
  • How many assets do you have? Example: cars, homes, investments.
  • What is your income per year?
  • What long term financial goals do you have that a whole life insurance policy could help?

To learn more about which life insurance policy you should choose contact the Farnsworth Agency today for a free quote by calling us at (541) 318-8835.

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