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Which Life Insurance Policy is Best for You?

Choosing the Right Life Insurance Policy

Life insurance is one of the most important insurance policies that you can invest in. The policy will provide a financial cushion for your loved ones after you are gone, to ensure that they are not financially devastated after your passing. There are two main choices to choose from when choosing a life insurance policy, term and whole, which both have their own benefits.

A term life insurance policy is best for anyone who only needs life insurance coverage for a specific amount of time. A term life policy is only in place for a set number of years and will only provide a payout, or death benefit, if the insured passes during that time period. If you have young children and want to make sure that their college education will be paid for in the event of your passing, a term policy would be the best choice.

A whole life insurance policy will provide coverage for your entire life. This policy will provide a death benefit for your beneficiaries no matter when you pass away. A whole life insurance policy also has the option to act as a savings account that can be borrowed from for any number of purposes. If you pass away before you are able to pay back what you borrowed from the policy, the insurance company will just deduct that amount from the death benefit when it is given to your beneficiaries. Whole life insurance policies are typically more expensive than term life policies because the benefits are greater.

For all of your life insurance needs, contact the insurance professionals at Michelle Lim Insurance Services Insurance in Alhambra, California. We can help you find the best life insurance policy to ensure security for your loved ones when you are gone.

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