At Hogue Insurance Agency, we offer flexible life insurance options and avenues to help you reach your retirement goals. In order to keep you protected throughout your life, we help tailor a plan that works best for you using Term Life and Whole Life policies. Contact us today to discover what we can do to keep you covered.
Whole Life is one of the most common types of Permanent Life insurance. With Whole Life insurance policies, the cash value accumulates at a guaranteed interest rate and typically the policy owner may borrow against the cash value of the policy. Some Whole Life insurance policies can produce excess credits, which can be used to purchase additional paid-up Life insurance, increasing the available death benefit.
Term Life insurance policies generally offer the greatest amount of coverage for the lowest initial cost – they are the most straightforward form of coverage. If you have shorter-term needs and limited money to spend on insurance, a Term Life insurance policy may be the best fit for you.
Policyholders generally pay a premium on a monthly or annual basis for the length of that term. Proceeds help to cover financial responsibilities that decrease or end over time, like mortgages or car loans, should something happen to the insured. With Term Life policies, premiums can increase at the end of the fixed-term period.
Term Life insurance policies are typically used to help provide additional Life insurance coverage during child-raising years, to help pay for short-term debts, help pay off a mortgage, or fund a college education should something unexpected happen.