Life Insurance

life insurance

Life Insurance

At Rodgers Insurance, we hope to be the insurance leaders you turn to when it comes to navigating the ins and outs of life insurance. We’ll help you decipher the terminology and coverage differences between term life insurance, whole life insurance, universal and more to determine which policy is best for you and your family.

Term Life Insurance vs Whole Life Insurance:

Term Life Insurance

  • Coverage for a “term” or specific period of your life.
  • Lower premiums for higher coverage.
  • Premium rates may change after specific terms expire.
  • No equity – cannot be redeemed for cash value.

Whole Life Insurance

  • Permanent, not for a specific period.
  • Guaranteed premiums.
  • Can build equity and have cash value.
  • Higher premiums than term life, but can be more valuable in the long run.

Term life insurance policies work well for people who have a long term financial strategy already in place. They need specific coverage for a period of their lives to protect debt, loved ones, and children. For a homeowner with children it may make more sense to have a term life policy that covers the mortgage and living requirements until their children are old enough to provide for themselves – in this case the term would expire around the time the children move out.

Whole life can be used in the retirement years as cash assets. It can provide equity for loans and has fixed payments that do not increase with time. Many whole life policies will pay dividends – although not always.

If you’re thinking about the need for life insurance, contact Rodgers Insurance at 410-282-1379 for more information and get a free life insurance quote today!