Life Insurance: Term v. Permanent
There are two types of Life Insurance from Bothun Insurance Agency to choose from: Term insurance and Permanent insurance.
Term insurance provides coverage for a set period of time and is usually less expensive.
Permanent insurance, which includes Whole Life and Universal Life, covers a long-term need such as income for a spouse, legacy planning for children, or end of life expenses. It may cost more initially, but may accumulate cash value.
Sometimes a combination of Term and Permanent Life insurance from Bothun Insurance is ideal. Individual circumstances and future plans determine what Life insurance coverage is right for you.
Term Life Insurance:
- Lower initial cost
- Temporary coverage for personal or business needs
- Generally renewable, or may be converted to permanent coverage
Whole Life Insurance:
- Good for young adults just starting an insurance program
- Good for families needing protection and wanting to accrue funds
- Guaranteed cash value
Universal Life Insurance:
- Flexible coverage
- Options for timing and method of premium payment
- Coverage tailored to personal needs
