It’s important for many people to have life insurance to help those who depend on them. If you have people who rely on you, it’s a good idea to have this protection for them. There are two main types of this insurance, and you should understand how each of them works before you decide on a life insurance policy. When you’ve made the decision to get life insurance, call us at Arial Insurance Group in Chicago, IL.

The Types of Life Insurance

Term Life Insurance

One of the main types of life insurance is called term life. This is a type that is good for a specific term of time, hence the name. With this type of insurance, you get a set death benefit that is in force for a specific number of years before the policy expires. Once it expires, you need to apply for a new policy if you want to be insured again. One of the main benefits of this type of policy is that it is generally reasonably priced. It tends to be the least expensive type of life insurance, and it remains popular for its low cost. However, some people don’t like the idea of their policy expiring, and this may lead them to the other main type of life insurance.

Whole Life Insurance

With this type of coverage, there is no expiration date. It is good for life no matter how many years that may be. This type of coverage does cost more, but many people appreciate that they can keep the policy for their whole lives. It also builds up a value that you can eventually borrow against should you need to.