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Twin Bridges Insurance Agency

1881 Western Avenue, Suite 210
Albany, NY 12203

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Differences Between Whole and Term Life

Picking the right life insurance policy is a very important decision for anyone in the Albany, NY area. For those that are shopping for life insurance, choosing between whole life and term life is a big choice. There are several differences between whole and term life that should be taken into consideration when you are choosing your policy. 

Term of Policy

One of the main differences between a whole and term life policy is the length and term of the policy.  Like the name of the insurance options suggest, term life insurance will provide you with coverage for a specific period of time while whole life will provide you with coverage for up to your entire lifetime. 

Cash Value

Another difference between the two options is that whole life insurance policies have a cash value. After making payments for a certain period of time, your policy will begin to accrue value that can be liquidated at any time.  The value will continue to grow based on a conservative rate of return, which can also make it a good conservative investment option.  Term life policies have not cash value. 

Amount of Coverage

The amount of coverage you receive is also much different. Term life insurance will typically provide you with far more coverage for a much smaller monthly payment than whole life. This can make it ideal for someone that is only looking for insurance coverage and is not looking for whole life investment benefits.  

If you are in the Albany, NY area and are considering your life insurance options, meeting with the NY Twin Bridges Insurance Agency will be very helpful. The NY Twin Bridges Insurance Agency will help you determine which type of life insurance is right for you and how much you need. They can then help to get you into a great policy.

What is a Business Owner’s Policy and could it help my small business?

When you’re in charge of a business, you’re responsible for making the right decisions to protect your business for yourself and for everyone else who is depending on your business to do well. You don’t have unlimited resources, so you need to make decisions that are efficient and cost-effective while still getting the job done.  

If your business is in Albany, NY, you can talk to the agents at NY Twin Bridges Insurance Agency about how a Business Owner’s Policy could help you both protect your business and save money. Your business may need several kinds of insurance, such as automobile, property, general liability, business interruption, workmen’s compensation, and others, depending on your circumstances.

A Business Owner’s Policy combines the protection for all the major property and liability risks you need in one package. This kind of package works best for small and medium-sized businesses, allowing them to get discounts by putting their policies together. Not only will it save money to combine policies, but it will provide for more efficient handling of claims, as they will be in one place. 

Your Business Owner’s Policy can cover:

Commercial Property – This will include the buildings and their contents, including furniture, equipment, supplies, stock, and signs.

General Liability – If someone on your property is injured or property is damaged because of the operation of your business, you will be covered for resulting damages, including medical bills and the cost of litigation itself.

Business Interruption – When a disaster forces you to close your business temporarily, this kind of coverage will help you keep paying the bills during your downtime.

If you are interested in learning how better to protect your small business owner in Albany, NY, feel free to contact NY Twin Bridges Insurance Agency today for a free evaluation of your situation.