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KC Wilson Insurance & Financial Services LLC

1654 The Alameda, Suite 210
San Jose, CA 95126

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Types of Life Insurance

KC Wilson Insurance & Financial Services serving San Jose, CA, is there to help you choose the right life insurance for you and your family.

Life insurance can be divided into two main types, each with its own benefits and drawbacks, and each type has policy variations within the overall framework.

Term Life Insurance

Term life insurance is life insurance set for a specified time period, either calculated in years or when you reach a particular age. If you die during the policy’s specified period, your beneficiaries will receive the policy’s value, and if you do not, the beneficiary will receive nothing. Term life insurance is renewable up until a certain age, at which point it will either fall away or need to be converted to whole life insurance where possible.

The benefit of term life insurance is that it is usually more cost-effective than whole life insurance, but the drawback is that the older you get, the more expensive it becomes.

Whole Life Insurance

Whole life insurance is the other main type of life insurance, and it is for your entire life. It does not matter when you pass away; the death benefit is paid to your beneficiary, and it does not expire unless you cancel it or stop paying the premiums.

When you take out this type of policy, the premium is usually higher to build a cash value reserve to supplement the premium later in life. One of the benefits of whole life insurance is that you can generally take out loans on the cash value reserve, depending on the policy wording.

Contact Us

Life insurance allows you to rest easy knowing that your beneficiaries are taken care of financially after you are gone. Contact KC Wilson Insurance & Financial Services, serving San Jose, CA, today about life insurance!

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