Money Matters: Choosing a life insurance policy
COLUMBIA, S.C. (WIS) - During this time of open enrollment, tons of people are wondering about life insurance.
Josh Bradley of Capital City Financial Partners spoke on the difference between term versus whole life insurance.
“Many employers allow both of those as options to elect during this period,” Bradley said. “The biggest difference is that term life insurance is for a set term. It guarantees it would pay a certain death benefit if you passed away within a set term of years.”
That term is typically between 10 and 30 years.
In deciding which is best for you, Bradley said term policies are the most efficient for most folks.
“The term policy will be your cheapest option,” said Bradley.
Josh elaborated on when to get life insurance. The best time to add it -- any big life events -- events such as moving jobs, getting married, having kids, etc.
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