Reader’s Question:

I recently moved here to Connecticut and I’m wondering what kind of life insurance should I get?

Joey

Bridgeport, CT

Hey, Joey! If you want to get insurance, the perfect way to start is by calling an insurance agent. Have the agent explain to you the pros and cons of a whole life insurance and a term life insurance. Make sure that your agent is within Connecticut in order for you to be able to contact them in case you have questions or clarifications about your purchased policy.

A whole life insurance policy will give you death benefits as well as the option for fixed premiums. With fixed premiums, you have the option of paying the same amount of money for your policy for as long as you have it. Just make sure that you are consistent with your payments and dues. Also, you can withdraw some money from your insurance anytime and not be worried about paying it back.

Unlike term life insurance that only offers death benefits, with whole life insurance, there are benefits that you can get while you’re still alive through the creation of a money value. This commonly takes about ten years or so for your whole life insurance to accumulate money value or cash value.
Of course, you have to pay higher premium rates to receive a higher pay out. As long long as you are insured, you’ll have to pay the premiums for its duration until the time of your death. But there are types that offer a set amount of rates that keeps you insured for a lifetime while paying the premiums for a specific period of time only.

On the other hand, a term life insurance is more affordable than a whole life insurance. Although sometimes companies have adjustable premiums that they can control based on changes that may occur on the policy holder’s life. Be sure to call your local insurance agent to learn more about your options. Good luck! I hope you find new friends.

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