No matter at what point you are in your life, you want your family and friends to be well taken care of in the tragic case of your passing. You can only really be sure that they are will be financially well off if you have purchased life insurance. This coverage lets your loved one handle your expenses and may even be a way to save up some income for future events. There are about a dozen or so subtypes of life insurance. However, there are two kinds of life insurance CT residents should really consider.
Term Life Insurance
As the name suggests, term life insurance is meant to cover you for a certain amount of time. This period typically ranges from about 10 to 20 years. It only entails benefits upon the death of the insured. Term life is plenty popular as it is one of the more affordable options. However, it must be renewed every so often if you want
Whole Life Insurance
Whole life insurance is permanent kind of coverage that offers more than just death benefits. This coverage also has a cash value that can be withdrawn down the road. This can help pay for large expenses like colleges, homes or debts. However, whole life is considerably more expensive than term life.
Other kinds of life insurance CT residents may consider are permanent, universal and variable. Working with an agency to build this coverage helps you get the coverage that suits you best.