When you need to help protect your loved ones financially after you’re gone, you need a life insurance policy. Two main types of these policies are whole life and term life. Each works very differently and has its own advantages and disadvantages. The one you choose may depend on many factors, such as your needs, age, and budget. When you need to get a policy, call us at Tackett Insurance Inc. in Memphis, TN.

Term Life Policies

A term life policy is one that is set for a certain number of years. The policy has a firm ending date, and it expires after that date. These policies work like any other life insurance policy if the policyholder passes away during the term when it’s in effect. It will pay out a death benefit to the beneficiaries when that happens. However, if the policyholder outlives the policy, they will have to get a new one. A benefit of this type of policy is that it costs less than a whole-life policy. It can be very affordable for many people, allowing them access to life insurance.

Whole Life Policies

Unlike term life, whole life policies never expire. These policies stay good for the rest of your life. Many people appreciate this aspect of whole-life policies and choose this type because of it. These policies also build a cash value that policyholders can someday borrow against. This has contributed to the popularity of this type of policy. However, these policies do cost more than a term life policy.

Get Life Insurance in Tennessee

It’s always a good idea to have this insurance in place just in case. Contact us at Tackett Insurance Inc. in Memphis, TN to get started with your life policy.