The agents of Taake Insurance Agency provide the residents of Columbia, IL information concerning different types of life insurance. In order to have the type of coverage you need, it’s important to know the difference between whole life and term life insurance. Term life is an option many people choose because of the benefits it has to offer.
Easy to Get
Term life is very easy to get. In most cases, you don’t have to go through a physical examination. You can get term life at any age, but it will increase in price the older you are when you apply. Most people who apply for term life are approved because the amount of the payout is equal to the amount of money you have paid into the policy.
One of the reasons a term life policy is so affordable is that the payment amount is set by the number of months in the "term" of the policy. A term life policy can be written for 5, 10, 20, or even 30 years. The price of the matured policy is divided by the number of months in the term. This means that the longer the term of the policy, the lower your payments will be.
Draw Against Your Equity
Another benefit of a term life policy is that its equity grows with each payment that is made. If the amount of equity is large enough, you may be able to draw against the policy and add payments to the end to make up the difference.
If you are interested in learning about term life and the benefits it offers. Columbia, IL residents can call the agents of Taake Insurance Agency to get all the information they need to make an informed decision.