Life insurance is critical when you have a family that depends on you. Life insurance comes in two main types, that each work very differently. It's a good idea to know a bit about each type before you decide on a life insurance type that's right for you. Both term life and whole life insurance offer significant death benefits to your beneficiaries, but they have several differences. When you need life insurance in Birmingham, AL, call us at Russ Richardson Agency.
This life insurance type is a policy that will last for the rest of your life no matter what age you attain. It can't be canceled if you keep making the premium payments. Many people choose this type of insurance because it can't be canceled and continues for your whole life. However, it also has another popular benefit. After a few years of paying the premiums, the policy will build up a cash value. This cash amount is something that the policyholder can borrow should they ever need to.
This life insurance typically doesn't stay with you indefinitely as a whole life policy does. Instead, it's suitable for a set number of years outlined in the policy. This is usually for 10 or 20 years or longer. Term life insurance doesn't build up a cash value. Instead, it has reasonable rates, making it more affordable for most people. Many people get this type of life insurance because it fits into their budget and their whole life is too expensive. That has made this a popular type of life insurance for families on a budget.
There is a type of life insurance that's right for you. It's never a good idea to go without this coverage. When you are looking for life insurance in Birmingham, AL, call us at Russ Richardson Agency.
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