Skip to content
Click to Call
Birmingham Insurance Brokers

2807 Greystone Commercial Blvd., Ste. 44
Birmingham, AL 35242

Get Directions

Featured Birmingham Insurance Brokers Blog

The Differences Between Whole Life and Term Life Insurance

A life insurance policy is essential for anyone with loved ones who depend on them. It’s important to leave something behind to help prevent financial problems. Before getting a life insurance policy, it’s good to know the two main types and how they differ. These policies have big differences, causing them to work in very different ways. To learn more about life insurance, call us at Birmingham Insurance Agency LLC in Birmingham, AL.

Whole Life Basics

A whole life policy will stay good for life, even if you become very elderly. This is in contrast to a term policy that has an expiration date. A whole life policy never expires, so you never have to get another life insurance policy later. Many people find that they like the peace of mind that comes with this type of insurance because they can keep it for life. These policies also build up a cash value that can be used a few years down the road if you’re ever in an economic emergency and need to borrow money. A term life policy doesn’t have this feature. 

Term Life Basics

A term life policy comes with a set expiration date that is known from the beginning. If you die during this time, a death benefit will be paid out to your beneficiaries. However, after it expires, you’re no longer covered. However, many people choose this type of life insurance because it comes at a much lower cost than a whole life plan. Many policyholders find it fits into their budgets much better than whole life insurance. 

Get Life Insurance 

Whether you want unending coverage or a less expensive policy, we can help. Contact us today at Birmingham Insurance Agency LLC in Birmingham, AL.

Four life insurance policy features that are very useful to have

At Birmingham Insurance Agency LLC, we can offer consumers the life insurance their families need for financial security. If you have questions about life insurance in Birmingham, AL, we’re here to provide you with the information you need.

When you’re in the market for life insurance, you should familiarize yourself with all the best life insurance policy features.

Here are four life insurance policy features that are very useful to have:

Guaranteed renewability

If you decide to purchase term life insurance, your insurance coverage will end, and you’ll have to renew your policy afterward if you still need coverage.

Some insurance providers may offer guaranteed renewability on term life insurance policies. With guaranteed renewability, you’ll be able to continue coverage after your insurance policy term is over without having to worry about being denied coverage due to new health problems. 

Life insurance loan availability

If you choose a whole life insurance policy that accumulates cash value, you may be able to borrow against the value of your policy. This is a helpful way to take advantage of your life insurance policy when you need extra funds for a large purchase.

Lifetime coverage

Opting for permanent life insurance policies ensures that you and your family will be covered for the rest of your life. You should get lifetime coverage if you choose a universal or whole life insurance policy. 

Payment frequency options

Life insurance providers typically give a few payment frequency options. You may be able to decide between paying your premiums monthly or annually. You might also have the option of paying your premiums once every six months or once every three months. 

Have Questions? Consult With Us

Get a quote on a life insurance policy today from Birgmingham Insurance Agency LLC. We offer insurance coverage that protects your family in Birmingham, AL against the uncertainties of the future. 

Partner Carriers

  • Allstate
  • American Modern
  • Chubb
  • CNA
  • Dovetail
  • Encompass
  • Foremost Signature
  • Foremost Star
  • Guard
  • Hiscox
  • Liberty Mutual
  • National General
  • Nationwide
  • Openly
  • Progressive
  • RLI
  • Safeco
  • State Auto
  • The Hartford
  • Travelers
  • Universal P&C