Life insurance is not something that most people want to think about, but it is something that should be part of everyone's financial planning. No matter what your situation in life, life insurance can make sure that when you pass away, those that you leave behind are provided for. From birth to death, life insurance offers valuable protection. At The Carr Agency, we understand life insurance and we are happy to share our knowledge with our customers and help them to choose the best products for their needs.
Life insurance is not one size fits all. Not every person needs the same amount or type of life insurance. Your needs change over your lifetime and your insurance should change with you. We have the knowledge to help you make these decisions. Life insurance basically comes in two types, whole life and term life. Both have a place in financial planning.
Whole life insurance lasts for your entire lifetime. It has premiums that do not change. It accrues cash value and you are able to borrow from that value if the need arises. For this reason, the premiums can be higher, especially if you purchase it in middle age or later in life.
Term life insurance is exactly what it sounds like, insurance that has a set term. Typically, this is 10, 15, 20 or 30 years. Some term policies do have the option to renew but not all. It does not accrue any value and when it ends, it has no value. You are paying for the protection when you need it, and since the premiums are lower, term life insurance allows for higher values when they are necessary.
Life insurance offers valuable protection. You may want to talk to someone about how it could be of value to you. At The Carr Agency we offer clients a team of experts to consult. Give us a call or stop by to discuss your life insurance needs.