Thinking about one's death can feel a little morbid, but getting life insurance is one of the most important decisions a person can make for themselves and their families. Life insurance can provide funds for funeral expenses and help provide for beneficiaries the deceased leaves behind. It is not a decision to be taken lightly. Wisconsin has several options for life insurance, so it can be challenging to find the right one. The expert staff at Community Insurance Group LLC could help.
Types of Life Insurance
There are two main types of life insurance: whole life insurance and term life insurance. These policies are very different, so it is essential to consider which is right for you.
Whole Life Insurance
Whole life insurance, also known as permanent life insurance, covers a person for the entirety of their life as long as they pay their monthly premiums. This type of life insurance also acts as a form of savings that the policyholder can borrow against if needed.
Term Life Insurance
Term life insurance is life insurance that lasts 10, 15, or 20 years. If the policyholder passes away during that term, the insurance company will pay out benefits, but the policy expires at the end of the term. Some companies may allow you to renew a term life insurance policy, but some require you to purchase a new one.
Understanding which policy is right for you can depend on someone's age, health, life expectancy, and budget. People in Wisconsin turn to the insurance professionals at Community Insurance Group LLC to answer all their life insurance questions. We are here to make choosing the right policy as simple and seamless as possible. Please stop by our office or call us to discover your life insurance options today.