Life insurance is something everyone needs to have, but few people understand. No state in the state requires you to carry it, but that doesn't mean it isn't something you should have. It offers much more than just the death benefit. Life insurance can be an essential part of a lifetime financial plan. At Cafegency Insurance, we offer residents of North Carolina the benefit of our extensive experience with life insurance. As an Independent Agency, we can offer our clients a wide selection of products from the top carriers in the business.
Life insurance is not one size fits all. At different times in your life, you will have different life insurance needs, and two main types of life insurance are available to fill those needs.
Whole life insurance is pretty much what its name implies. It is life insurance that lasts for your entire life. It is the sort of insurance parents can buy for their children, and it will stay with them forever. The beauty of whole life insurance is the premiums never go up, and it accrues cash value. This means you can borrow from it if the need arises. For this reason, whole life is usually the more expensive type of life insurance.
Term life insurance also is pretty much what its name suggests. It is a life insurance policy in effect for a given term. It can be for 10, 20, or 30 years. At the end of that time, some policies are renewable at an adjusted premium. A term life policy doesn't accrue any cash value. So, when it ends, so does your coverage. The benefit to you is if you need a lot of life insurance, it is the most cost-effective type to buy.
If you are looking to reevaluate your current life insurance or are shopping for your first life insurance at Cafegency Insurance, we offer the residents of North Carolina a trusted friend in the business. Why not stop by our office or give us a call, we are here to provide you with exceptional service and answer all your questions.