There are different types of life insurance policies, with whole life and term life being the most common types. A term life policy is one that is in effect for a set number of years and expires after that period. However, a whole life policy works very differently. Many factors make whole life policies so popular. If you’re interested in any type of life insurance, give us a call at Riskbusters Insurance in Tennessee to find out more and to get started.
Your Whole Life
The name of this type of insurance policy comes from the period that it stays in effect – your whole life. It never expires, and you can keep the policy as long as you want. This is one of the biggest reasons that these policies are so popular. Many people don’t want to get a term life policy that will eventually expire, making it necessary to apply for a new one. With a whole life policy, you never have to apply for a new one.
Cash Value
A whole life policy has another advantage that many people seek out this type of policy to get. That’s the cash value that builds up with a whole life policy. Over time, a cash amount builds up that the policyholder can borrow against. This can be an important way to access cash if it ever becomes necessary. This cash loan from the policy is paid off just like any other loan. The outstanding loan amount is subtracted from the death benefit until it’s paid back.
Get Whole Life Insurance in Tennessee
There are many benefits of having this type of life insurance. From the life of the policy to the cash value, you may be interested in getting this type of policy. To get started, call us at Riskbusters Insurance in Tennessee.
