For many people, purchasing life insurance for the first time can be an exciting and confusing experience. Because life insurance is so beneficial for both yourself and your family, here’s a rundown of what to expect. And remember, the experienced insurance agents at Wayne Anthony Insurance are always here if you have any additional questions.

Life insurance is essentially a policy that pays your loved ones a set sum of money after you pass away. It’s used to pay bills, make up for income lost by the death of a spouse and overall lend a hand with finances during this difficult time in a family’s life. There are two categories of life insurance:

Term Insurance

When buying Term Insurance, you’re buying insurance for a temporary period of time, or a “term.” For example, if you have a large debt, like your mortgage or student loans that can be paid off in a certain amount of time. Or, if you just want life insurance until your kids graduate from college, Term Insurance is perfect for you.

Permanent Insurance

Permanent Insurance is just that, permanent. It lasts a lifetime and will pay the full amount, considering that loans, withdrawals or surrenders are not taken while you are alive.

Depending on your financial goals and family situation, each type of insurance has its pros and cons. Speak with your agent if you’re interested in purchasing life insurance for you and your family.