To determine what type of life insurance is best for you a few different factors need to be considered. If you live in Memphis, TN talking to the knowledgeable agents at Keltner Insurance can help you to determine what needs you have in the way of life insurance and how best to fulfill those needs.
How much insurance do I need
The amount of insurance that you need is one of the most important facts in what type of insurance is best for you. If you have a family that is counting on your income in order to survive, how much will they need if you are no longer there to provide for them? Several years of your income at the very least and the amount that you owe on a mortgage and other debts. This can be quite a considerable amount of life insurance and the most affordable type of life insurance for large amounts is term life.
Term life insurance
Term life insurance is exactly what the name sounds like, it is for a set term, this can be 10, 20 or 30 years. At the end of the term, your insurance is gone. It gives you the protection you need during the time you need it the most.
Whole life insurance
Whole life has no end, it is there for all of your life and it will earn interest and grow over the years. You can borrow against it if the need arises and it can be a part of long term financial planning. But it is much more expensive than term life insurance.
The answer to what type of life insurance is best for me can be both since they both offer protection that is valuable, Talk to the agents at Keltner Insurance in Memphis, TN to discuss the amount that you need and how much you can afford to spend. Stop by their office or give them a call for a no-obligation quote.