Whole life insurance is one of two major types of life insurance available. You need to learn about insurance types available from providers in Albany, NY like NY Twin Bridges Insurance Agency to find the best policy type for your unique needs.
The following are three reasons why you might want to choose a whole life insurance policy.
The policy will never expire.
A lot of those who are on the market for life insurance want to have life insurance that they can depend on permanently. Term life insurance is temporary and will only offer coverage for a given period of time. On the other hand, a whole life insurance policy is permanent. This means that the policyholder can count on coverage and won’t be disqualified from renewing a policy down the road because of age or health problems.
The policy accumulates cash value over time.
Those who take out a term life insurance policy lose all the funds that they put into the policy if they outlive the policy life. However, those who take out a whole life insurance policy get back the money they invest in the insurance policy because the policy accumulates value like a savings account.
You can borrow against the policy.
As a whole life insurance policy accumulates value, this value can be borrowed against by the policyholder. This means that a whole life insurance policy provides a good source of emergency funds or extra funds the policyholder can use as they see fit.
If you want to get more information about whole life insurance and other life insurance options in Albany, NY, get in touch with us at NY Twin Bridges Insurance Agency to learn more.