Life Insurance

In New Jersey and Pennsylvania, Tadas Insurance Group offers life insurance policies that help you provide a death benefit to your family or loved one in the event of your demise.

Term or Whole Policy?

Our insurance agency offers term and whole policies. A term life insurance policy provides coverage for a specified number of years, typically 10, 20, or 30, as long as you pay the premiums. A whole insurance policy provides coverage for your lifetime as long as you pay the premiums.

That probably doesn’t sound very different. Here’s where they diverge.

Term Life

Since a term policy only covers a few years of your life, it typically costs less. The premiums remain steady. If you purchase the policy at age 26 for $10 per month, when you’re 36, you’ll still pay $10 per month. If you purchase a ten-year term policy though, when it approaches expiration, you’ll have the option to renew. If you choose a new term, the premiums could increase, but they typically won’t during the policy’s life.

Whole Life

With a whole policy, you pay premiums each month, too, but they can increase. With a whole policy, the premiums can go up year by year, or every few years. There’s no locked-in rate. Some whole policies include a savings or investment account with the insurance. The insurance company manages this account, which may guarantee annual earnings. Once vested, you can usually borrow against these cash value accounts.

Qualifying for Life Insurance

Qualifying for the policies may require a medical exam regardless of the type of policy. Both provide a death benefit, and you can name one or more beneficiaries to the policy. That means you can have the insurance agency divvy the policy benefit up between your spouse and children, for example.

Contact Tadas Insurance Group serving New Jersey and Pennsylvania for life insurance policies that provide a death benefit to your beneficiary. Call us or come by today.