Everyone needs life insurance coverage. Whether you’re young or old, healthy or sick, having quality life insurance coverage can keep your beneficiaries protected in the event of your passing. Life insurance coverage provides your dependents with financial compensation following your death. This compensation can aid in paying off debts, supplement income for the cost of living, and assist with burial costs and other significant expenses that your loved ones face after your departure.
The bottom line, you need life insurance coverage!
But with a range of different coverage options available to you, how do you know what life insurance coverage is right for your needs? There are two common forms of life insurance coverage that Ohio residents purchase for their life insurance needs. While both provide financial benefits to your dependents, term life and whole life insurance policies differ in many ways.
- Term Life Insurance
Term life insurance is an extremely affordable life insurance policy that typically lasts for 1 to 30 years. This life insurance payout only provides financial benefits if the policyholder dies during the term of the policy. With low fixed premiums, term life insurance is ideal for those with a limited budget and short-term needs. Term insurance is the cheapest today, however the most expensive over time.
- Whole Life Insurance
Whole life insurance coverage is a permanent form of life insurance that pays death benefits to your beneficiaries after your death no matter how old you live to be! With different variations of whole life insurance coverage, whole life insurance plans include cash value that can act as an account that you can withdraw from while you are still living. Whole life insurance policies are ideal for those looking to plan ahead and those looking to utilize death benefit savings during their lifetime. Whole life products are the most expensive “today”, however the cheapest over time.
Beck Insurance Agency offers a broad range of term life and whole life insurance options to residents in the state of Ohio, Indiana, Tennessee, Florida, and Michigan. Serving the communities of Perrysburg, Sylvania OH, Bryan OH, Defiance OH, Toledo, Waterville OH, and the surrounding areas, the independent agents at Beck Insurance Agency are dedicated to helping you find the right life insurance for your specific needs. To learn more about your life insurance options call today and get a life insurance quote!
