Selecting the Right Life Insurance Policy

Finding a life insurance policy that is appropriate for personal goals and concerns can seem challenging. By understanding the differences between the options, it is easier to make a decision regarding the plan that is best for individual goals.Term Plans

A term life insurance policy is designed to address concerns regarding accidental death or a death that occurs within a set time period. Generally, the cost of coverage is reasonable; however, there are no options for investing and the payment is not provided if the term expires and is not renewed before a death occurs.

Whole Life Plans

Whole life insurance policies differ from a term plan because they do not expire. Furthermore, there is an opportunity to invest a portion of the premium and build up personal funds within the company. The downside of the plan is usually related to the price. Since the plan carries forward for the entire life, a payment is usually made to the surviving family members according to the details of the policy. As a result, it can cost more for the same amount of coverage.

The insurance policy that is appropriate for personal needs can vary based on several factors. To learn more about finding the right plan in Sonoma County, contact Sackett & Associates Insurance Services.