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T.D. McNeil Insurance Services

110 Blue Ravine Rd, Suite 105,
Folsom, CA 95630

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How Term Life Insurance Works

It’s always a good idea to have a life insurance policy in order to leave something behind for your beneficiaries. This is especially important if they rely on you for your income. Having a life insurance policy can save your loved ones from financial harm once you’re gone. There are two main types of this insurance- term life and whole life. Term life is a relatively simple type of insurance that is popular for a number of reasons.

When you’re interested in a term life policy, contact us at T.D. McNeil Insurance Services in Folsom, CA.

Term Life Basics

A term life insurance policy is one that is in place for a certain term of time. This may be ten years, 20, or any other amount of time. During this period, the life insurance policy is in force and will pay a death benefit to your beneficiaries if you pass away during that time. However, at the end of the term, if you haven’t passed away, the policy expires. After that, you have to seek out another policy if you want to be insured again. 

How It’s Different

This type of life insurance is very different from the other type, known as whole life. While whole life policies never expire, a term life policy has a clear expiration date from the beginning. Whole life policies also create a cash value that builds over time and allows policyholders to borrow that amount. Term life doesn’t build this value. And compared to whole life, term life is generally far more affordable. It’s often easier for people to fit term life policies into a budget. 

Get Life Insurance Today

It’s important to have a policy to protect your loved ones. When you need life insurance, call us at T.D. McNeil Insurance Services in Folsom, CA. 

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