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Pacati Insurance Group

6066 Leessburg Pike
Suite 440
Falls Church, VA 22041

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Pacati Insurance Group Blog

What type of life insurance is best for me?

When it comes to life insurance, you may have lots of questions. Life insurance is something that few people talk about, and it is one of the least understood types of insurance. One thing is definite; you should buy life insurance as early in your life as possible. The premiums go up as you age, and for the best rates, youth is on your side. Understanding the part life insurance plays in financial planning can help you make the right decisions about what type of life insurance is best for you. At Pacati Insurance Group in Falls Church, VA, insurance and financial services are what we specialize in. 

Life insurance comes in two basic types, whole life and term life. Both types have a place in your financial plan. Both provide a death benefit, but that’s where the similarity ends. 

Whole life

Whole life insurance stays with you for your entire life, and so do the premiums. They will never go up, and you will also earn dividends. The value of your policy will increase. You can borrow against the cash value you have accumulated. It comes in handy when you are buying a house or sending your children to college. For this reason, it is usually more expensive to purchase whole life. 

Term insurance

Term insurance is purchased for a specific term. It can be from 5 years to 30 years. It does not accumulate any cash value. You are paying for the protection it offers. It is less expensive to buy, and when you need a large amount of insurance, it is a good deal. At the end of the term, some policies will allow you to extend the period, but the price will increase. 

Life insurance offers your dependents a safety net in the event you pass away. It can also offer financial security. To discuss your life insurance needs, give the office of Pacati Insurance Group in Falls Church, VA a call, or stop by for a no-obligation quote.

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