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Are you interested in life insurance but don’t know the difference between term life and whole life? You aren’t alone. Thankfully, we at Bajorek Agency Inc can help Rochester, NY residents understand their term life insurance policies and how they help them.
The Nature of Term life Insurance
Term life insurance refers to a set policy for a specific number of years or a term. For example, you may get a policy for 15-20 years that helps to cover your expenses if you pass away. However, if you did not upgrade your insurance before it lapses, and you pass away after the term is over, you do not get paid. This limitation may make term policies seem unappealing in many ways.
However, term policies do have benefits worth considering. First, they are often easier to get than many whole life insurance policies. And they often have lower premiums as well. Most importantly, people who may have health issues or other complications may find that a term policy is a good choice because they may only have a limited number of years left before they may pass.
Typically, there are many levels of term life insurance, including level premium, annual renewable policies, guaranteed or simplified, and convertible policies. The options available to you will vary based on your health, the money you can spend on a policy, and more. In this way, it is critical to stay in touch with your provider to learn more.
Don’t Neglect Your Coverage
Please reach out to us at Bajorek Agency Inc if you live in the Rochester, NY, area and need insurance. We’ll do what we can to help you and provide you with a coverage option that makes sense for your needs as a person.