When you are shopping for life insurance, it is easy to get confused by the various options available. Buying the wrong type of policy can cause financial disaster and leave your loved ones without proper coverage and financial protection. Life insurance is divided into two types – term life insurance and permanent life insurance. The Sirover Agency LLC, serving Wayne, PA, will explain the difference between these two types of insurance so that you can make the right choice.

Permanent Life Insurance

This type of life insurance is designed to stay in place for the individual’s entire life. A permanent type of life insurance provides death benefits to beneficiaries and can also be used as an investment or savings vehicle. One of the most significant differences between term and permanent policies is that permanent life insurance costs more. 

There are two types of permanent life insurance – universal and whole life insurance. Compared to whole life insurance, the universal type offers a bit more flexibility. It gives you an option to adjust death benefits or premiums within certain limits. 

Term Life Insurance

It is a type of short-term policy. Compared to permanent life insurance policies, term life insurance is quite straightforward. It stays in effect only for a certain period of time, usually from 5 to 30 years. Once the policy expires, you will have an option to renew it to keep the coverage. You can also convert it into permanent life insurance. Term life insurance policies are much cheaper and normally do not cost more than a few hundred dollars a year. 

If you are currently looking for an insurance company to purchase a life insurance policy to protect your beloved ones, The Sirover Agency LLC serving clients from Wayne, PA is ready to assist you. If you still have questions about these two types of life insurance, do not hesitate to give us a call, and our experienced agents will provide you with the information you need. 

Those that live in the Wayne, PA area are going to have a lot of different insurance needs. One form of insurance that people in this area should get is life insurance. This is a unique form of insurance that can provide very valuable protections to those that get the policy. There are a couple of benefits in particular that make life insurance a good investment. 

Provides Protection to Dependents

One of the main benefits of getting life insurance is that it will offer protection to your dependants. Anyone that has people that depend on their income should make sure their dependents are cared for if they were to pass away. When you get a life insurance policy, you will be providing your dependants with this financial protection. You are able to build and choose a policy that is right for your situation and gives an appropriate level of coverage.

Life Insurance Can Be a Good Investment

When you get a whole life insurance policy, you can also use it as a conservative investment. Those that get whole life insurance will have a portion of their premium payments build up in an account that can be liquidated. This can make it a great addition to anyone’s diversified investment portfolio. 

Picking a life insurance policy in the Wayne, PA area can come with its fair share of complexities and challenges. Since it can be hard to pick a life insurance policy, you should reach out to the team at The Sirover Agency, LLC. When you call The Sirover Agency, LLC, you will receive the personalized guidance and support that you need to choose a life insurance policy. This can help you to pick a policy that adequately protects you and your dependents.