THE BIG QUESTION IN LIFE INSURANCE: TERM OR CASH VALUE?
When most people think of life insurance, the first thing they think about is the kind they hear about during the commercials of late-night TV: term life insurance. But there are other types of life insurance as well, so it’s important that you have some information
Term Life Insurance: As we mentioned, this is the most common life insurance out there. It’s also the cheapest and most simple. Basically, term life insurance means that you are insured for a certain amount, whether it’s $50,000 or more than $1,000,000. If you die, then your beneficiaries will receive that money in order to keep them afloat after you’re gone. Term life insurance rates cost more and more as you get older and are more likely to die of natural causes. However, you can pay into a term life insurance policy for your entire life and never see a return. That’s where cash value life insurance comes into play.
Cash Value Life Insurance: Cash value life insurance, also known as Permanent Life Insurance, comes in four different flavors: universal life, whole life, endowment, and limited pay (more on the differences between them in a future blog). When you have a cash value policy, the money accumulates and is accessible to you under certain conditions. At some point, the policy might start paying for itself as the dividends become enough to cover the premium.
Which type of life insurance is right for you? We’d love to meet you to find out! Stop by our Spearfish or Rapid City offices to find our, or give us a call and we can help you decide which might work for your age, health, and financial needs.
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