Whole life insurance and term life insurance work in very different ways. Term is good for only a set period of time. Whole life policies can be kept forever. Whole life builds up a cash value while term life does not. However, there are also important similarities in the way these policies work. No matter which of these you choose for your family, it’s important to have life insurance to protect your loved ones. If you don’t have this coverage, call us at Berks County Insurance, serving Reading, PA.

Spreading Risk

Both types of life insurance spread the risk of many people. Both charge regular premiums to keep the policy active, though a term policy eventually expires. With the risk spread among so many people, you have a great way to protect your family in exchange for a monthly or quarterly payment. 

Death Benefit

The death benefit is another way that term and whole life policies work alike. Both have a policyholder and a beneficiary or multiple beneficiaries. When the policyholder dies, the beneficiaries get the death benefit and can avoid financial devastation in the wake of the death. Protecting your family is one of the most important things you can do, and either type of life insurance can help you do it. Both have a set death benefit and can be divided up as you desire for everyone’s protection.

Get Life Insurance

When you need the peace of mind that comes from the solid protection of life insurance, we are here to help. To find out more about these policies and to get started with one, contact us at Berks County Insurance, serving Reading, PA.