While life insurance can be a daunting subject, it is imperative that you provide your loved ones and yourself with the peace of mind knowing they would be protected in the event of your unexpected passing. Choosing between term and whole life insurance may be confusing to you, and that is why we have provided you with the pros and cons of both:
Whole Life Insurance
Pros:
- You will receive a lifetime of coverage at an unchanging premium
- You will generate cash value
- Preferred if you have or want: pension maximization, estate planning, contractual obligations, replacement of deferred annuities, inheritance equalization, charitable bequests, continuing income as you age, etc.
Cons:
- Expensive
- No flexibility
Term Life Insurance
Pros:
- Less costly
- Guaranteed premiums
- Flexibility
Cons:
- If you want to extend coverage, it will cost you!
- You will have limited conversion options if you wait until term policy expires.
We can answer any remaining questions you may have regarding whole life insurance verses term life insurance. Contact Phocus Companies for all of your Phoenix, Arizona life insurance needs.
