Choosing the Right Life Insurance Policy Doesn’t Have to Be Intimidating

Not all life insurance policies are the same. Some cover your lifetime. Others cover you for a specific number of years. Some build up cash value. Others, not so much. Some policies combine features, while others let you change from one kind to another. Some policies even offer additional benefits while you’re living.

Education is key. There are two basic types of life insurance to consider: Term and Permanent.

Term Life Insurance

Generally term insurance has lower premiums, but it doesn’t build cash value. Term is typically chosen by those in the active workforce looking for an option with low cost and high protection. It is also appealing to individuals who have a mortgage, a car note, or a college education to pay. Term life insurance is usually 30 years.

Permanent Life Insurance

Also called Whole Life, permanent life insurance has a cash value assigned to it, and it grows as an asset. Not only do you get life insurance protection should you pass away today, but you are also getting a growing asset that you can use as a cash value. It can be more expensive, but it is forever.

How much to get, that’s where you need to call and chat with someone! AAFMAA’s team of financial experts can help you assess how much life insurance you need and what type would be best for you. Or, call us at 888-973-8490 for a quick quote to learn more about our life insurance costs and coverage.

No matter which life insurance solution you choose, Term or Permanent, the most important part is to ensure you don’t leave your loved ones without the protection they need.

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