When it comes to life insurance, there are two main types. These are term life insurance and whole life. Both offer effective help when a person is gone and wants to leave something to their heirs. Both can give you peace of mind knowing that you can help your loved ones after you are gone. Each type has pros and cons; one type may be better for your specific needs and budget. Call Goodman Insurance, Inc. to talk to an agent when you need life insurance in Shelton, CT.

Term Life Insurance

This type of life insurance is a great one to have when you have a tight budget. This low-cost type of life insurance operates for a specific term. This means that at the start of the policy, it is enacted for only a particular number of years. After this term has passed, the policy expires. Once that happens, you are no longer covered and must seek a new life insurance policy if you want to be covered again. Many people don’t choose this type because of its expiration date, but others like it because it is inexpensive.

Whole Life Insurance

This type doesn’t have an expiration date and stays good for as long as you want to keep the insurance. Many people choose it because it can’t be canceled for as long as you keep paying for it. However, it can be expensive for many people. Another benefit to this type of life insurance is that it builds a cash value that the policyholder can borrow someday if they ever need to.