Term Vs. Permanent (Whole Life) Insurance

Term Life Insurance is the simplest and most affordable form of coverage. You agree to pay a premium for a specific period of time (usually between 10 and 30 years) and in return, the insurance company promises to pay a death benefit to your family or beneficiaries should the unthinkable happen. For most people needing affordable coverage, term insurance is the least expensive way to create a safety net and provide financial security to your loved ones. Think of it as a lifeline, that should the worst occur, your tribe will be taken care of. That's being responsible. Right now, depending on your health profile, you may be eligible for up to $1,000,000 of Term Insurance without a physical exam. Easy. Talk to me about getting Term.

Permanent insurance or Whole Life is significantly more expensive than term insurance but the coverage lasts your entire life. It also has a cash value component that grows and can be borrowed against during your lifetime. While it has certain features that term insurance doesn't have, most families cannot afford permanent insurance for the total amount of insurance they need. For those on limited budgets and those with young families, term insurance works the best, especially while the kids are young and the need for financial security is greatest. See general cost for term life coverage

At Michael Greco Insurance, we're here to inform and educate our clients on the various types and purposes of life insurance. As independent agents, we have access to a broad range of financial products and services that can help you and your family live with more peace and confidence.

Whether it's term insurance or whole life, or some combination of both, we're here to begin when you're ready.

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