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Leaving something behind for your loved ones is crucial to prevent them from facing severe financial difficulties once you’re gone. Life insurance is essential for their protection. Two main types of life insurance are popular – whole life and term life. Whole life insurance is popular due to its many benefits compared to term life insurance policies. If you’re interested in getting a life insurance policy, contact us today at Einstein Insurance in Portland, OR.
Cash Value
One of the benefits of this type of life insurance is that the policies build a cash value over the years. A small part of the profits that the insurance company makes from investing your premiums is returned to you in the form of this cash value. This amount grows over the years. It’s an amount that you can borrow if you ever need to. This can alleviate a lot of stress during a financial emergency for policyholders who can borrow against their life insurance.
No Expiration Date
Another reason these policies are so popular is that they never expire. If you were to get a term life policy, it would only be in effect for a specific term of time, generally measured in years. The policy would expire if you didn’t pass away during that time. However, with whole life policies, there is never an expiration date. You can keep the insurance for as long as you want it. If you continue paying the premiums as agreed, the policy can’t be canceled, regardless of age.
Get Life Insurance in Portland!
To learn more about which type of life insurance policy may be right for you, call us at Einstein Insurance in Portland, OR.
