Bend Oregon – Term Life Insurance Vs. Whole Life Insurance, which one is better? In this post we’re going to break down the pros vs. cons of both Oregon Insurance Policies to help you make an informed decision on the type of life insurance that you decide to purchase.
Term Life Insurance
The best part of buying this type of Oregon Life Insurance policy is that it’s a very affordable way to purchase life insurance.
With a term life insurance policy you can expect to pay under $3,000 per year for a term life insurance policy that has a face value of up to $1 million dollars.
Unlike other forms of Insurance you can easily find an affordable term life insurance policy quote over the internet and sign up for new life insurance coverage in as little as one day.
An important thing to remember about a term life insurance policy is that it will ultimately expire within a term of 30 years so and this is especially helpful for married couples, who have raised their children, and within 30 years will have no dependents, but the “dark side” of this type of life insurance policy is that when it expires, the couple will need to start another type of life insurance policy, or be faced with the prospect of a future without life insurance coverage.
Whole Life Insurance
When planning for retirement, an important thing to thing to consider is signing up for a whole life insurance policy because, this type of Oregon Insurance will build a cash value over the lifetime of this policy and that cash value can be a “life saver” for many couples who have been unable to save for their retirements.
The only thing to remember when tapping into the cash value of a whole life insurance policy is to remember that as the cash value is depleted, there will be a smaller death benefit as this policy is depleted over time.
To learn more about whole life insurance vs. term life insurance or to get an affordable life insurance quote, contact Bend Oregon Allstate Agent Tye Farnsworth for a free insurance consultation today by calling (541) 318-8835.