The two main types of life insurance coverage are Whole and Term life insurance. Having a life insurance policy is crucial as it can shield your loved ones from potential economic hardship following your demise. While Whole and Term life insurance policies operate differently, they also share similarities. Both kinds of policies provide a death benefit to the beneficiaries specified by the policyholder if the policyholder passes away while the policy is active. If you are currently without life insurance, we at Bryan Insurance Agency LLC in New Windsor, NY are on standby to provide you with more information.

Term Life Insurance

Term life insurance is cost-effective. However, it is time-restricted. This type of life insurance is highly beneficial due to its lower cost than a whole life policy, making it more suitable for individuals on a budget. Unfortunately, term life insurance only remains active for a set period. After this duration, it ceases to provide protection. In order to regain coverage, you would have to procure a new policy.

Whole Life Insurance

Choosing a whole life insurance policy comes with several benefits, but it often boils down to the budget. Whole life policies are more costly and, thus, may not be attainable for people on a budget. However, once a whole life policy is acquired, it remains active indefinitely as long as premium payments are maintained. This type of policy also accumulates a cash value over time that the policyholder can borrow against if need be.

Get Life Insurance

Regardless of the type you choose, life insurance is essential. Contact us at Bryan Insurance Agency LLC in New Windsor, NY to initiate this process.