The Two Main Types of Life Insurance

Having enough life insurance for those you will leave behind someday is essential. If you need life insurance, you can choose from two main types of it. To learn more about life insurance and get started, call us at McCormick Insurance Inc. in Pembroke Pines, FL.

Whole Life Insurance

This is a popular type of life insurance because it comes with several benefits. The first of these is that these policies will last for the rest of your life. When you get a whole life policy and keep paying for it, it will stay in place for as long as you want. It can continue into your old age without becoming more expensive. A whole life policy also gives you the benefit of a cash value. When you keep this policy for years, it will build a cash value. This allows you to have an amount to borrow if you should ever need it. This can be very helpful in cases of financial emergencies. However, whole life insurance does cost more. 

Term Life Insurance

Many people request this type of life insurance because it is so affordable. It is generally the most affordable type of life insurance. However, it comes with an expiration date. Once the term of the policy is over, it expires. The term is generally a specific number of years. And, it doesn’t build up any cash value like whole life does. However, the low price makes it a popular choice regarding life insurance. 

Get Life Insurance

When you need to financially protect your loved ones after you’re gone, you need life insurance. Call us today at McCormick Insurance Inc. in Pembroke Pines, FL when you need life insurance.