Life Insurance Terms Explained, Glendale & Peoria, AZ
Use this FREE self-help tool to quickly shop for the best life insurance rates available, right online. Unlike many other life insurance websites you may have come across, Bivona Insurance Group will NEVER sell your information. That means you get fast and accurate quotes without any hassle.
Compare Term and Whole Life Insurance
What is the correct amount of Life Insurance I need to protect my family? What is the best product to fill that need?
The choices can be very confusing. Which product is best for my family: Term Life or Whole Life? Which one would be the better fit for our situation?
TERM LIFE INSURANCE BASICS:
- Lower premium for higher coverage
- Coverage for a “term” or period of your life
- Rates can change after specific term period
- No equity – cannot be used as cash value
When to choose Term Life: When we need a specific coverage amount for a period in our lives. An example would be when the children are young to help keep your family in their home until the children are old enough to provide for themselves, as well as give the surviving spouse a foundation for their future. Another example would be for a business owner to pay off a partner or debt.
WHOLE LIFE INSURANCE BASICS:
- Protection continues for your whole life
- Higher premiums, but has value for the long run
- Flexibility – can add to or subtract from policy amount
- Competitive rate of return
- Offer safety – proven track record
- Tax deferred growth
- Able to use as collateral
- Liquidity use and control
- Continuous contribution when sick or hurt
- Free from probate / estate taxes
- Tax-free withdrawal
When to choose Whole Life: Whole life can be an excellent tool to complement a retirement plan. It can also provide equity for loans and have fixed payment that does not increase with time.
With so many choices and combinations, it is easy to get anxious. But remember: we sell insurance, but our goal is to provide peace of mind.