There are several differences between whole life insurance and term life insurance, each with its own advantages and disadvantages. However, at their core, both types of insurance serve the same purpose: providing financial protection for your loved ones. It’s crucial to have life insurance to ensure those you leave behind are cared for. Never go without life insurance if you have people who depend on you. To get started with life insurance, contact us at MSM Insurance Agency Inc. in Kearny, NJ.

Term Life Insurance

Term life insurance is a policy that remains in effect for a specific term or duration. Once the term ends, the policy expires. This type of life insurance is popular because it is generally more affordable than whole life insurance. However, term life policies do not accumulate any cash value over time.

Whole Life Insurance

Whole life insurance is a policy that remains in effect for the entire life of the policyholder, allowing them to keep it for as long as they wish. Additionally, it builds cash value over time, which can be borrowed against if needed. These features make whole life insurance a popular choice for those seeking long-term financial security.

Death Benefits

Despite their differences, both whole life and term life insurance policies share a key similarity: they provide a death benefit to beneficiaries upon the policyholder’s passing. This benefit offers peace of mind to both policyholders and their loved ones, ensuring financial support during difficult times. Both types of policies are integral to a solid financial plan for the future.

Get Life Insurance Today

If you don’t have life insurance or need additional coverage, we’re here to help. To learn more about these policies and get started, contact us today at MSM Insurance Agency Inc. in Kearny, NJ.