No one is ever certain about how life will turn out. This is why we often secure our assets and protect our family with insurance: car insurance in case we get into an accident and total the vehicles, home insurance for an unexpected natural disaster, and even pet insurance to secure our beloved furry members of our family.
But what about you? Have you given thought about what you will leave behind if you pass suddenly, especially if you’re the breadwinner of your family? Life insurance could be an important part of a financial safety net you can provide your loved ones after you’re gone.
Perhaps you’re thinking that since you may not have children or a big family, you don’t need life insurance. That may be true. But even if you only have a spouse, or if you have siblings or nieces and nephews, you may still want to consider leaving behind funds to cover your funeral expenses or other debt left behind.
Generally, life insurance comes in two forms: whole life insurance and term life insurance. What’s the difference between the two? Let’s find out.
What is Whole Life Insurance?
Whole life insurance is permanent coverage that never decreases with a price that never goes up. Typically your cost is locked in for life, and no one can cancel your coverage but you as long as you’re approved and make your payments. After you’ve passed, this policy pays an income-tax free, cash benefit that your family can use for any reason, like funeral expenses, mortgage payments or unpaid debts.
What is Term Life Insurance?
Term life insurance provides coverage for a certain time period and helps protect your family from the loss of your income if you were to pass away unexpectedly. It’s a good choice if you need high coverage amounts now, with payments that fit your budget. It also pays income-free money your family could use for any reason.
If you’re interested in learning more, talk to a TruStage representative who can help you get started. From learning about insurance options to choosing coverage that fits your budget, you can call 1-855-612-7909 for assistance. You can also explore life insurance options, get quotes and in some cases apply online. Visit the TruStage page on our website to learn more.