There are different types of life insurance, and each has its own pros and cons. The two main types are whole life insurance and term life insurance. These two types are very different from each other, though they have some similarities. Both of these insurance types are there to pay out when you pass away to leave something behind for those who depend on you. When you’re in need of a life policy, call us at Capretta Insurance Agency in Parma, OH.

Types of Life Insurance

Term Life Insurance 

With this type, the coverage only stays good for a specific amount of time. The policy will be written so that it’s good for a certain number of years. During that time, the policy will be active and will pay out a death benefit to your beneficiaries. However, once that term is over, the policy is closed. You will no longer be insured by that policy. To stay covered by life insurance, you’ll need to apply for a new policy. This insurance type is popular because it comes with a much smaller price tag than the other type. 

Whole Life Insurance 

This type doesn’t have an expiration date associated with it. The policy you buy stays in effect while you’re making the payments. To keep the coverage, just keep making the payments. This type is more expensive than the other one, but it has its own benefits. One of these is that the policy builds a value that you can later borrow against. If you have a financial disaster, there will be money you can borrow to take care of it. 

Get Life Insurance 

If you aren’t sure which type of life insurance is right for you, you need to contact us at Capretta Insurance Agency in Parma, OH to discuss which one would best fit your needs.