Two Types of Life Insurance

There are two main kinds of life insurance. Each has its pros and cons. Both are good insurance products that can help you leave something behind to your family members after you’re gone. This is especially important when people are financially dependent on you. If you don’t have life insurance or want more, call us at Freeland Insurance in Oklahoma City, OK.

Whole Life Insurance

This insurance is named Whole Life because it covers you for your whole life. There is no expiration date for this type of policy. It will continue once you get the policy and keep paying for it as agreed. When you stay current with the premiums, the insurance company can’t cancel the policy. Many people get peace of mind knowing they have a policy that will last for life, no matter how old they become. This type of life insurance also has another great benefit. Over time, it builds up a cash value. This is a perk that can also bring peace of mind. It’s an amount you can borrow against if you need to. Having this amount available in case of a financial emergency is helpful. 

Term Life Insurance

When you have a term life insurance policy, it comes with an expiration date. The policy is good for a specific number of years, and then it ends. However, this type of insurance comes with the benefit of being much more affordable. Many choose this policy because it fits their budget better than a whole life policy’s price. 

Get Your Life Insurance Policy

When you’re in the market for life insurance, we can help. Call us at Freeland Insurance in Oklahoma City, OK to learn more and get started.