What is whole life insurance? What about term insurance? What is the difference between these two plans for residents of Peoria, AZ? The Schaller & Thomas Family Insurance has provided an analysis of the difference between whole life and term insurance.
Difference Between Whole Life and Term Life
Deciding to purchase a life insurance plan (whether whole life or term life) is a personal decision. Life insurance is powerful and highly flexible financial conveyance mechanism that can meet a variety of financial objectives, including providing financial security to creating financial assets. Below are some factors that will differentiate these two plans:
Features of Whole Life
- Covers you for life.
- You must be qualified via a health examination.
- Offers death benefits and cash value accumulation during the duration of the policy.
- Can be acquired without a medical examination, although at a higher cost.
- An excellent option for estate planning.
- Takes from 12 to 15 years to set up a reasonable cash value.
- Part of cash value can be borrowed or withdrawn in the duration of the policy.
- Cash value is typically based on the worth of return on investment.
- Has more expensive premiums at the initial stage, but can save you money long term (if it’s active for a considerable period).
Features of Term Life
- Only provides death benefits.
- Only pays benefits if you die when the policy is in effect.
- Can be purchased for a specific time frame (5, 10, or 15 years).
- The most affordable policy to purchase and the easiest to navigate.
- Becomes more expensive as you grow older (particularly after 50 years of age).
- Has to be renewed if you require that the coverage is extended beyond the length of the term.
- Is a good temporary additional coverage that can be paired with a permanent life plan.
- Can be altered to whole life coverage.
For more information about life insurance coverage in Peoria, AZ contact Schaller & Thomas Family Insurance agency.
Setting up and running a business requires a lot of time and capital. Losing all that investment overnight is a nightmare nobody would wish to experience. Luckily, commercial insurance helps you protect your business from losses and damages caused by risks to your business property and income. The coverage ensures that if things go wrong, you will not go through financial frustrations and stress trying to get your business back on its feet. Schaller & Thomas Family Insurance is here to help all the residents of Peoria, AZ to acquire best insurance coverage to protect their business adequately and ensure that the coverage provided fulfills the requirements of the state of Arizona.
Why do you need commercial insurance?
Having this coverage is beneficial in numerous cases which include;
If a worker gets sick at the workplace – Slips and falls occur from time to time while the workers are carrying out their daily production activities. Moreover, if you own a restaurant, for example, things could go wrong where a worker suffers burns. Having workers’ compensation coverage helps you in paying the employee the lost wage during the recovery period and helps in clearing their medical bills.
If a client or guest is injured in your premises – You will get people coming in, and out of your premises time to time and unfortunately, they may get hurt probably from a slip, fall or consuming your products. In such unpleasant event, you will need to pay their medical bills. Also, you will need liability coverage in case the injured decides to solve the issue in a court of law to help you pay the legal fee.
In case of theft, vandalism, and fire –The coverage helps you protect your business from financial losses resulting from theft or vandalism. In cases of theft and fire, you will suffer the cost of repair and replacement of lost and damaged assets, and having a commercial coverage helps you in the payment of such expenses.
Understand more about the benefits of having commercial insurance coverage in Peoria, AZ by contacting or visiting Schaller & Thomas family insurance today and let us provide you with coverage that exceeds your expectations.