Understanding Whole Life and Term Life Policies in Las Vegas, NV
Whole life and term life policies are the two main types of life insurance. Both pay a death benefit to the policyholder’s beneficiaries upon their passing, but many other details about these policies differ. If you have dependents, it’s essential to have a life insurance policy. To get started with one, contact us at Red Rock Insurance in Las Vegas, NV.
Expiration Dates
One of the significant differences between these two types of policies is their expiration dates. A term life policy is active for a set number of years. Once the policy’s end date passes, it expires. This means that if you outlive the expiration date of a term life policy, you may need to get a new policy. On the other hand, whole life policies do not expire. They are valid for your entire life, hence the name.
Cash Value
Another difference is that whole life policies build a cash value. As the years pass, this amount grows, creating a large pool of money that you can access if needed. Term life policies do not build a cash value. However, they are often more affordable than whole life policies, making them a suitable choice for those on a budget.
Get Life Insurance in Las Vegas!
Regardless of which type is right for you, life insurance is crucial. If you’re not yet covered by a policy, contact us at Red Rock Insurance in Las Vegas, NV, to find out more.
