This may be the most often asked question among people considering life insurance, and it points out two different approaches to life insurance. Which one is right for you depends on your circumstances and goals. Our goal at Focus Insurance is to help those living in or near Eureka, MO, make the best insurance and other financial decisions.

Term versus Whole Life Insurance

Most people buy life insurance primarily to cover the financial needs of their spouse and dependents in the event the worst happens. They often buy coverage to ensure financial resources are available for the dependents to become adults and to keep their spouses from struggling financially.

Both term and whole life insurance can help address those goals. However, term insurance is similar to your auto or home insurance in that you buy coverage in a specific amount for a particular number of years. It provides a death benefit only during the policy period and then goes away, often not paying a benefit.

Whole life insurance, on the other hand, remains in force for life as long as you pay your premiums, so it always pays a benefit. It also builds cash value, like a savings account, making it more expensive than term insurance. Term insurance is sufficient for most, but whole life can help those with greater financial resources or those with certain obligations, such as disabled children who may need financial assistance.

Working with the Focus Insurance Team

The term versus whole life insurance choice depends on your circumstances and goals. Our Focus Insurance team, serving the Eureka, MO, area, can help you make decisions that best meet your family’s needs. Call us today at (636) 391-3900 to schedule an appointment, or click here for an online quote.