The Two Main Types of Life Insurance

When you need life insurance, getting it and keeping it is important. Life insurance can provide a legacy for those left behind when you’re gone. If people depend on you, you need to have this protection, so they are financially protected later on. There are two main types of this insurance, and it’s a good idea to know what each of them is so that you can choose the best one for you. Call us at Marino Agency Inc. in Mt. Ephraim, NJ when you need life insurance.

Term Life Insurance

This is a highly popular type of life insurance that comes with a relatively low price tag. Many choose this type of insurance because it is the most affordable one. If you’re on a tight budget, term life insurance may be right. This insurance stays in effect for a specific amount of time, often 20 or 25 years. The policy remains good during that time and then expires at the end of it. Once that happens, you will need to apply for a new policy to be covered once again. 

Whole Life Insurance

If you don’t want your life insurance to expire, you may want to get a whole life. This type never expires, even if you reach an advanced age. This type of life insurance is more expensive, but it comes with many benefits. In addition to having no expiration date, it also builds an amount you can borrow against. This cash value is a major benefit many people want in a financial emergency. 

Get Your Life Insurance Policy

If you don’t have a life insurance policy in place yet, it’s time to call us at Marino Agency Inc. in Mt. Ephraim, NJ.