For Denver, CO, residents who are considering getting a life insurance policy, you may have questions about the differences between whole life and term life insurance. To help you make an informed decision about which policy is best for you, our agents at AFI Insurance will thoroughly explain the key differences between the two.
About Whole Life Insurance
If your goal is to plan ahead for the future with an insurance policy that provides a way to build a monetary cushion, whole life insurance may be the right choice. Whole life insurance offers lifelong coverage and creates a cash value that can be borrowed against. This type of policy also guarantees death benefit coverage. However, premiums for a whole life policy are higher compared to term life insurance.
About Term Life Insurance
Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years. It is an affordable, budget-friendly option. Unlike whole life insurance, which does not expire, a term life policy ends at the conclusion of its specified timeframe. Additionally, term life insurance does not accumulate cash value over time. Term life is a good choice if you want financial coverage until debts are paid off or until your children are no longer dependent on you.
Contact Us
Be informed and covered in Denver, CO, with a policy tailored to your needs. Whether you choose whole life insurance for long-term coverage or term life insurance for a specific duration, our agents are ready to help you secure the right policy. Contact us at AFI Insurance today, and let us assist you in planning your financial future with a policy that fits your lifestyle and budget.
