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Whole Life Insurance VS Term Life Insurance in California: Which is right for you?

Life insurance in California is typically seen as an avoidable expenditure for most residents.It is the first to be discarded once the time calls for a little cost-cutting. No matter the advantages it brings to a person, life insurance is often the least priority on every budget.

In most cases, though, a California life insurance only becomes a financial burden only when the insurance does not fit the person’s financial standing and personal circumstances. There are generally two types of life insurance: whole life and term life. Each of them is designed for a particular type of person in mind.

In a nutshell, the difference between the two lies on the period of coverage and the cost. Whole Life Insurance binds a person longer than a term life insurance does, but entails considerably lower premium and obligations. Depending on two factors, each type of life insurance is designed to fit a person’s circumstances.

Term life insurance, because of its shorter coverage, makes for a sensible choice for persons who are paying a mortgage or loan at such point. The added expense of having a term life insurance, on top of mortgage and loan payment, becomes less burdensome as the policy is only for a short duration. It offers full coverage for a limited time only, which a person can renew easily.

On the other hand, whole life insurance is designed to last a lifetime. It offers lifelong protection and, at the same time, entails lifelong obligations. However, the premium on whole life insurance is more manageable. At the same time, the longer duration of the policy allows it to accumulate cash value.

For more information on California life insurance, visit our resource center or browse through our list of local life insurance companies.






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