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What kind of insurance you should buy, and how much, will depend on several personal factors, including your age, position in life, health, etc. Having a safety net for your loved ones is important, though, so it is important to learn as much as possible so you can make the best decision. If you are in Laurel, MD, you can always get advice from Mid Atlantic Insurance Financial, where we will be happy to discuss your options with no obligation.
Advantages of Whole Life Insurance
This kind of insurance is also called permanent insurance and will last for as long as you continue to pay the premiums. Both whole life and term life offer lower premiums when you are younger, and you can lock in a good price when you are young. Whole life policies have a cash value, and the money you pay every month in the form of a premium adds up. You can borrow or withdraw that money, which is yours, or let it accumulate.
Advantages of Term Life Insurance
Term life insurance will cost less, pretty much across the board. It is a simpler kind of insurance, only offering a benefit when you die. It is also called term life because there is an ending date, and after the end date you will not have the money or the policy anymore. For many people, it is adequate, because they need the assurance of knowing that if something were to happen to them there will be money available to their families to get through their time of grief without worry.
It may seem confusing, and but at Mid Atlantic Insurance Financial we have helped people at every stage of life to find the right policy. If you live in Laurel, MD, please feel free to call today with any questions.