Life Insurance is a gateway to creating generational wealth. Being able to contribute to something that will not only take care of funeral expenses, but also build generational wealth. Over 56% of people either have no insurance at all or have the wrong type. Here at CRG Wealth Group, it is our mission to EDUCATE and HELP our clients to secure their family's financial future.
Types of Insurance
When looking or shopping around for life insurance, you should first become educated on the types of insurance. Here are the two major types of insurance.
WHOLE LIFE
TERM LIFE
Whole life insurance is a type of life insurance that provides coverage for the entire lifetime of the insured, as long as premiums are paid. It combines a death benefit with a cash value component, which grows over time and can be accessed by the policyholder. Unlike term life insurance, which covers a specific period, whole life insurance offers lifelong protection and has the potential for cash value accumulation. Keep in mind that premiums for whole life insurance are generally higher than those for term life insurance.
Term life insurance is a type of life insurance that provides coverage for a specific period, or "term," typically ranging from 5 to 30 years. If the insured person dies during the term, the policy pays out a death benefit to the beneficiaries. Unlike whole life insurance, term life insurance doesn't build cash value, and once the term expires, coverage ends unless the policy is renewed or converted. Term life insurance is often chosen for is affordability and straightforward coverage, making it suitable for individuals looking for temporary financial protection.
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