Regarding life insurance, the two most popular types of policies at Giles & Iten Insurance are term life and whole life here in the Surprise, AZ area. While both provide financial protection for you and your family in the event of your death, there are some significant differences between them. 

Term life insurance is a type of policy that offers coverage for a predetermined length of time, such as 10, 20, or 30 years. If you die during the term of the policy, your beneficiaries will receive a death benefit. These policies are more cost-effective than whole-life policies because they don’t build up cash value over time.

In comparison, whole life insurance provides lifelong coverage – so long as premiums are paid on time – and builds up cash value over time. If you cancel the policy, you will receive a portion of the accumulated cash value as a return premium. Whole-life policies are more expensive than term-life policies because they offer lifelong coverage and accumulate cash value. 

Ultimately, which type of policy is best for you depends on your individual needs and lifestyle. Before making any decisions about purchasing either type of policy, speak with an experienced agent who can help assess your situation and make recommendations accordingly.

For more information or to speak to an agent about what type of policy is best for you, call us at Giles & Iten Insurance today. We are proud to serve the Surprise, AZ area and would be happy to help you find a policy that meets your needs and budget.