Life insurance is a type of insurance that pays a sum of money to your beneficiary in the event of your death. While this may sound simple, there are several types of life insurance, and choosing the right one can be challenging.

Fortunately, the agents at Kinowski Agency Inc., servicing Amsterdam, NY, can help you decide. We offer a range of life insurance products, including whole life insurance and term life insurance. Our insurance agents are here to help you determine the type of insurance that is best for you.

Understanding Whole Life Insurance

Whole life insurance is a type of insurance that lasts for your lifetime. Most policies have level premiums that stay the same throughout the policy’s life. Whole life insurance also has a cash savings component. This savings accumulates interest. If needed, you can borrow money from this savings. When you die, as long as you have continued to pay your premium, your beneficiary will receive a sum of money.

Understanding Term Life Insurance

Term life insurance is a type of life insurance that ends after a specific period. It can end after 10, 20, or 30 years. Term life insurance premiums stay the same throughout the policy’s life and often cost much less than whole life insurance.

If you die while the policy is active, term life insurance pays your beneficiary for the specified amount. Term life insurance is often seen as a practical and affordable alternative to whole life insurance, which works for young families on a budget.

Need More Information? Contact Us Today

Term and whole life insurance can take care of your family or other beneficiaries in the event of your death. Want to know more? The agents at Kinowski Agency Inc., servicing Amsterdam, NY, can help. Call to get started.