Leaving something behind for your beneficiaries is vital for most people. When people depend on you, leaving something behind is essential. When you’re looking into life insurance, there are two main types that you can choose from. Term life and whole life insurance work in different ways, but each has important benefits for policyholders. Call us at Christensen Insurance Group in Sandy, UT when you need a life insurance policy.

Term Life Insurance

This type is named the way it is because it’s suitable only for a specific term. When the policy is written, it states the term of time that the policy will stay in effect. Once the term is over, the life insurance policy expires. After this, you will no longer be covered and will have to find a new policy to get covered again. One of the best benefits of this type of policy is that these policies tend to be inexpensive. These policies are often the only affordable type for those on a budget.

Whole Life Insurance

When you want a policy that will protect you for your whole life, this is the type of insurance to get. It never expires. As long as the policyholder keeps making the payments for the policy, it will stay in effect. Knowing that you never have to get a new policy can bring peace of mind. This type of policy also builds its own cash value. As the years pass, this amount builds up, and you can borrow against this value. However, this type of insurance is more expensive than term life. Many people have to choose term life because of its low cost.