Permanent whole life insurance, universal life insurance and term life insurance may all seem similar, but in reality they serve very different goals. Once you start to look into the differences between these types of insurance policies, however, you can begin to see just how important they really are.

Term life insurance policies are designed to be temporary and are only active for a specific period of time, called a “term.” These types of policies are for when you don’t think you will need permanent life insurance. Permanent policies, on the other hand, are designed to cover you from the current day well into old age. Whole life insurance offers protection for as long as you live. The main difference between these and universal life insurance policies are that with the latter type, any premium payment that you make that goes above the current cost of the insurance is eventually credited towards the total cash value of the policy in question.

Saks Insurance Agency is here to fulfill all of your needs in Phoenix, Tempe, Mesa, Gilbert and Chandler Arizona. If you decide that you need life insurance to make sure that you and your family is covered in the event that something unfortunate happens, understand that we can help.