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Term Life Insurance Explained to Help You Make a Choice

Are you interested in life insurance but don’t know the difference between term life and whole life? You aren’t alone. Thankfully, we at Bajorek Agency Inc can help Rochester, NY residents understand their term life insurance policies and how they help them.

The Nature of Term life Insurance 

Term life insurance refers to a set policy for a specific number of years or a term. For example, you may get a policy for 15-20 years that helps to cover your expenses if you pass away. However, if you did not upgrade your insurance before it lapses, and you pass away after the term is over, you do not get paid. This limitation may make term policies seem unappealing in many ways. 

However, term policies do have benefits worth considering. First, they are often easier to get than many whole life insurance policies. And they often have lower premiums as well. Most importantly, people who may have health issues or other complications may find that a term policy is a good choice because they may only have a limited number of years left before they may pass. 

Typically, there are many levels of term life insurance, including level premium, annual renewable policies, guaranteed or simplified, and convertible policies. The options available to you will vary based on your health, the money you can spend on a policy, and more. In this way, it is critical to stay in touch with your provider to learn more. 

Don’t Neglect Your Coverage 

Please reach out to us at Bajorek Agency Inc if you live in the Rochester, NY, area and need insurance. We’ll do what we can to help you and provide you with a coverage option that makes sense for your needs as a person.

Who needs to get a life insurance plan?

Those that live in the Rochester, NY area need to spend time assessing their personal insurance needs. Life insurance is a type of insurance protection that people here should consider. Those that obtain a quality life insurance plan can offer protection to those that they care about. There are several situations when someone may need this protection. 

When Trying to Provide Financial Protection

A primary reason people will want to get life insurance is to provide financial protection for those they care about. If you have people in your life that you care about, it is a good idea to make sure they will be cared for if you were to pass away unexpectedly. You can build a life insurance plan that will include a death benefit that is sufficient to cover their future expenses, including costs of higher education or even fund retirement.

When Looking to New Investment Alternative

You should also consider getting a life insurance plan if you want an investment alternative. A good life insurance option for some people is to get whole life insurance. With this coverage, some of your monthly payments will go into an account that could grow in value with interest. Eventually, this will add up to a significant amount of money that you can liquidate.

If you are going to get a life insurance plan in the Rochester, NY area, it is important to speak with someone that understands this complex form of insurance. As you are looking for a new plan, it would be a good idea to call Bajorek Agency Inc. The team with Bajorek Agency Inc understands how important and valuable this coverage is. They can take a personalized approach to help you build a plan that is ideal for you. 

Three of the most common types of life insurance

Life insurance is essential for anyone with loved ones in their lives who depend on them financially. At Bajorek Agency Inc., we can help you find the right life insurance solution in Rochester, NY.

One thing you need to do to find the right life insurance product is to understand the various types of life insurance. The following are three of the most common types of life insurance.

Term life insurance

Term life insurance is a highly popular and practical type of life insurance. If you have a young family, term life insurance may be the best option for your needs.

With term life insurance, you enjoy coverage for a certain length of time. This is a temporary type of life insurance coverage. Your beneficiaries will receive a death benefit if you pass away within the insurance policy term.

Term life insurance is generally the most affordable option when it comes to life insurance. However, it’s important to note that a term life insurance policy won’t build up cash value over time. 

Whole life insurance

Whole life insurance is a type of permanent life insurance. In theory, a whole life insurance policy will last the rest of your life. Your policy will not only provide a death benefit if you pass away but will also accumulate cash value over time. Therefore, the money you put toward your policy builds up your savings. 

Universal life insurance

Like whole life insurance, universal life insurance is another type of permanent life insurance. However, a universal life insurance policy may not accumulate cash value like a whole life insurance policy. 

Are you ready to purchase a life insurance policy? We can help at Bajorek Agency Inc. Get in touch with us for assistance when it comes to your life insurance needs in Rochester, NY. 

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