Two main types of life insurance are popular, and one of those is whole life insurance. The other type, term life insurance, is a kind that works very differently. Both types have their advantages and disadvantages. Whole life insurance comes with some extra benefits that term life policies don’t. When you need life insurance, we’re happy to help. Just contact us at Bayshield Insurance in San Jose, CA.
Whole Life Insurance: No Expiration Date
Unlike term life policies, this type of life insurance comes with no expiration dates. Whole life policies stay in effect for as long as you want them. No matter how old you get, your policy won’t expire. Many people appreciate this benefit because they don’t want to have to get a new life insurance policy in the future when theirs expires. Having it for the rest of your life means not having to try to get life insurance when you reach an age that would make it difficult to get a new policy.
The Cash Value of Whole Life Insurance
Another highly popular benefit of whole life insurance is that the policies build up a cash value. As the policy goes into effect, it slowly starts to build up a value that can benefit the policyholder. This is a value that they can borrow against if they ever need or want to. When this is borrowed, it’s paid back just as you would with any other loan. The amount of the loan is simply subtracted from the death benefit until the loan is paid back. This can certainly come in handy when you have a financial emergency and need to be able to get funds.
Secure Your Life Insurance with Bayshield Insurance
No matter which type of life insurance you want, we can help. If you’re interested in coverage, call us at Bayshield Insurance in San Jose, CA.
