Consumers who are purchasing life insurance need to choose between a term life or whole life insurance policy. At Fuhriman Insurance Agency, we offer whole life insurance to consumers in Boise, ID.
Whole life insurance might be the best option for you depending on your particular situation. The following are three reasons you may want to take out a whole life insurance policy.
Whole life insurance policies build cash value over time.
If you take out a term life insurance policy, you don’t get anything back from the money you put into premiums unless you die during the policy term.
On the other hand, a whole life insurance policy accumulates value over time. Whole life insurance is a long term investment rather than just a temporary safety net in the event of an unexpected death.
The death benefit provided by a whole life insurance policy is guaranteed.
Not matter what happens, you are guaranteed a death benefit when you pass away as long as you continue to pay your whole life insurance premiums. Also, this death benefit will not be subject to taxes.
A whole life insurance policy will not expire.
You need to renew term life insurance when your life insurance term is up to have further life insurance coverage. Unfortunately, it can be difficult to renew a life insurance policy as you get older.
With whole life insurance, your policy will never expire and remains active for the rest of your life.
We’re here to help if you have questions about our whole life insurance policies in Boise, ID. Contact us at Fuhriman Insurance Agency to learn more.