Three of the most common types of life insurance

Life insurance is essential for anyone with loved ones in their lives who depend on them financially. At Bajorek Agency Inc., we can help you find the right life insurance solution in Rochester, NY.

One thing you need to do to find the right life insurance product is to understand the various types of life insurance. The following are three of the most common types of life insurance.

Term life insurance

Term life insurance is a highly popular and practical type of life insurance. If you have a young family, term life insurance may be the best option for your needs.

With term life insurance, you enjoy coverage for a certain length of time. This is a temporary type of life insurance coverage. Your beneficiaries will receive a death benefit if you pass away within the insurance policy term.

Term life insurance is generally the most affordable option when it comes to life insurance. However, it’s important to note that a term life insurance policy won’t build up cash value over time. 

Whole life insurance

Whole life insurance is a type of permanent life insurance. In theory, a whole life insurance policy will last the rest of your life. Your policy will not only provide a death benefit if you pass away but will also accumulate cash value over time. Therefore, the money you put toward your policy builds up your savings. 

Universal life insurance

Like whole life insurance, universal life insurance is another type of permanent life insurance. However, a universal life insurance policy may not accumulate cash value like a whole life insurance policy. 

Are you ready to purchase a life insurance policy? We can help at Bajorek Agency Inc. Get in touch with us for assistance when it comes to your life insurance needs in Rochester, NY.