When you’re a person that others depend on, possessing a life insurance policy is paramount to aid them when you are no longer around. Always maintaining a life insurance policy is essential to avoid leaving anyone in financial distress after your departure. Two primary forms of these policies are whole life and term life policies. A term life policy is a budget-friendly policy with an expiration date, after which it is no longer valid. On the other hand, a whole life policy functions differently. Contact us at Amy Tounget Insurance Agency LLC in Midlothian, TX to learn more about life insurance options.
No Expiration
One of the benefits of selecting a whole life policy is its non-expiring feature. This policy will remain valid regardless of your age as long as you elect to keep the policy. The policy cannot be nullified if you continue to pay the premiums. Although the premiums are costlier than a term life policy, many consider this policy type worthwhile because there’s no need to purchase another life insurance policy. One policy lasts for life.
Cash Value
Another asset of a whole life policy is that these policies accumulate a cash value over time. This cash value can be borrowed during financial emergencies or other monetary needs. Just like any other loan, you can repay the borrowed amount back. The due amount gets deducted from the death benefit until the loan is fully repaid.
Get Whole Life Insurance
If you’re interested in obtaining a life insurance policy, we can help. Contact us at Amy Tounget Insurance Agency LLC in Midlothian, TX.
