It can be easy to get caught up in what is currently going on in your life, and you may seldom think about the possibility of passing away while your children are still underage. If you are a single parent and receive no support, protecting your loved ones' interests and ensuring that their future won't be affected by a lack of funds can be comforting. Look into purchasing a term-life or whole-life insurance policy.

What Is The Difference Between These Two Types Of Insurance?

Term-life insurance is coverage that is acquired for a specific length of time. A policy can be extended prior to the expiration date and can also be converted to a whole-life insurance policy if desired. This type of insurance will pay your beneficiaries in the case of your death, but it will not hold any cash value prior to your death.

Term policies are often cheaper than whole-life policies because they will likely not hold as much value. If you are looking into a way to accrue cash throughout your life and would like to know that you are covered by insurance for an indefinite amount of time, then a whole-life policy may be a smarter choice. 

A whole-life policy can also be useful if you are worried about needing cash for an emergency while you are still alive. The cash value that is accrued with a whole-life policy can be borrowed against, which will reduce stress associated with an unforeseen situation that requires money.

You, however, are not required to choose one type of insurance or the other. You can purchase a term-life policy and a whole-life policy to provide an additional amount of protection for your children in the event of a crisis that leaves your loved ones fending for themselves.

How Can The Best Deal Be Attained?

Maybe you think that there is no way that you can afford life insurance, so you keep putting off speaking to a life insurance agent. Actually, you may be able to purchase a policy that costs much less than you think, especially if you are young and healthy.

An agent is your best bet when comparing policies side by side so that you can determine which type of coverage is suitable for you. You will be glad that you took the time to learn about your options and after acquiring coverage, you can be sure that your children's needs will be taken care of if you are not living.