The basic difference between term and whole life insurance is, term insurance is life insurance for a set period of time, while whole life insurance has many other benefits like cash value at the end. That may make whole life seem like a better deal, but a lot depends on your situation and what your needs are.
Both policies provide basic life insurance, a death benefit for the person named on the policy, and that death benefit is normally tax free. Term insurance is often recommended for younger people, or people who need coverage for a specific amount of time. Whole life is more aimed at the long term, and can be considered part of a long range financial strategy. At the end of the whole life policy there will be a cash benefit available. You may re-invest that in a new policy, or you can borrow against it in a partial surrender.
Initially the term life policy costs less, and the price stays the same for the entire term, usually a fixed number of years. At the end of that term the policy expires. If you renew the policy it will usually be at a higher price, and it will go higher as you age. There are some policies now that allow you to convert the policy to a permanent policy that can build some cash value.
The whole life policy costs more to start with but it does not increase. Your policy could be for 10 or 20 years and will not change. However, it will expire at some point. At that time you can take the cash value or reinvest it in the policy. There is also the possibility of cash value growing through dividends in some policies.
Come by, or call our agents at Cross Creek insurance to discuss your life insurance needs.
The kids are back to school and Fall is upon us. You may be daydreaming about where you’d love to take a vacation this winter, but first thing’s first – you need to prepare your home for Fall before the weather turns unpredictable. Here are five ways to help you get started.
1. Put in Storm Doors and Windows
Hope Hills, NC can be home to some nasty weather. Fall easily slides into Winter and before you know it, you’re turning on the heat. Don’t wait for it to get too cold before you replace all the screens with storm windows.
2. Clean the Gutters
Once all the leaves have fallen, it’s time to clean out the gutters. Remove all debris and check for any place the gutters may be sagging or collecting water and repair or replace these areas.
3. Get into the Attic
The attic is an area of the house that should be cleaned, organized and inspected twice a year – every Spring and Fall. Look for any areas where heat may be escaping and give the attic a good cleaning to get ready for Fall and Winter.
4. Remove Outdoor Hoses
If you leave a hose attached to an outdoor faucet over the winter season, you run the risk of having trapped water freeze, which could end up bursting your pipes. To prevent this, be sure to store away outdoor hoses until Spring.
5. Check for Cracks
Inspect the exterior of your home along the siding, doors and windows and look for any cracks that could be letting heat out and moisture in. Seal up all cracks with caulk.
At Cross Creek Insurance, we are committed to serving the people of Hope Hills, NC and we will work with you to get the best homeowner’s insurance to protect your Hope Hills, NC property. Call us today to get started.