The need for life insurance is vital as securing a comfortable future for your loved ones is very important. Many people will pass away with at least some accrued debts that will be placed upon the family members of the deceased. So if you are to die, even unexpectedly, life insurance will help your family rebound from the great loss they will suffer.

Which life insurance policy should you consider - term or whole life?

Term life insurance is the cheapest of the life insurance policies. It offers only death benefits for your family if you are to die. If you outlive the term of your term policy, there is no cash value and you will not receive any money back. The upside to this policy is that the premiums are significantly lower than whole life.

Whole life insurance, or permanent life, offers a death benefit and a cash value. If you live, you will receive some of the money back you have paid in premiums. And often times, will receive more than you paid in premiums because the money you paid has accrued interest over time. Obviously the longer the policy is enforced, the higher the cash value will rise.

Contact Strachan-Casale, Inc. and let our expert’s help you decide which type of life insurance is best for you and your family.