Life insurance is a pivotal way to keep those you love protected during the most trying of circumstances. But does this policy ever run out its course? This common question for those who live in Santa Monica, CA has a bit of a complicated answer. Express Financial & Insurance Services wants you to have all the facts before you decide on the right policy for you.
Two Kinds of Insurance
It may seem odd to think about insurance having a set date to end, but it’s an important concept to learn. There are two separate kinds of insurance: known as term insurance and permanent insurance. With permanent insurance, the policy does not have an expiration date. It’s set to cover your loved ones regardless of when they need to use it.
With term insurance though, the policy does have an expiration date. The most common way for a policyholder to use it is if they have dependents that they need to care for. So they might choose to have the expiration date of the policy be the day at which their youngest child turns 25. At that point, the child should be able to take care of themselves and no longer require the benefits of a life insurance policy.
Deciding for Yourself
If you have questions about the best policy for you in Santa Monica, CA, Express Financial & Insurance Services is here to help. Term insurance tends to be a lot more practical than permanent insurance on paper, but there are trade-offs that the policyholder should know about before moving forward with their plan. Give us a call to understand more about the benefits of different types of coverage, who they’re made for, and how you can use them to sleep a little easier at night.