When choosing a type of life insurance, two basic types are available. There is whole and term life insurance, each with its advantages. These policies both pay a death benefit to the policyholder’s beneficiaries when they pass, but they operate in very different ways. To learn more about life insurance and get started with your own policy, call us at Giles & Iten Insurance in Surprise, AZ.

Whole Life Insurance

One of the types, whole life insurance, has several advantages. Among these is the length of the policy. These policies never expire, so you can keep your policy for as long as you want. While term policies will expire with time, you can keep a whole life policy for as long as you pay for it. Another advantage is that a whole life policy will accrue a cash value. After a few years of having the policy, it will grow the amount of money you can borrow against. This can be incredibly useful in the event of a financial emergency. 

Term Life Insurance 

With this type of life insurance, every policy has an expiration date. The policy expires after a set number of years, and you’re left without coverage. To be insured again, you have to apply for another policy. However, the upside of term life is that it is highly affordable. It’s much easier to afford than a whole life. Many people choose it for this reason. They may not be able to fit the cost of whole life into their budgets. 

Get Life Insurance

Whether you’d like a whole life or a term life policy, we can help. Call Giles & Iten Insurance in Surprise, AZ.