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3711 Westerre Pkwy, Suite D
Richmond, VA 23233

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How to Choose Term or Whole Life Insurance

Life insurance is one of the most important investments you can make for your family’s future, but deciding which type of policy is right for you can be challenging. Term life insurance provides coverage for a set period, while whole life insurance offers lifelong protection.

There are a few things to consider when choosing between term and whole life insurance. Bacon Insurance Group in Richmond, VA can help you navigate this vital insurance coverage. 

To determine the best life insurance for yourself, consider your needs:

Do You Have Children?

If you have young children, you’ll want to ensure they are taken care of financially if something happens to you. A whole life insurance policy will provide that your family is taken care of no matter what, while a term life insurance policy will only cover you for the length of the term.

Do You Have a Mortgage?

If you have a mortgage, you’ll want to make sure it is paid off in the event of your death. A whole life insurance policy can help ensure your family doesn’t have to worry about making mortgage payments if something happens to you. Your Bacon Insurance Group agent can help you determine whether term or whole life insurance is correct based on your needs.

What’s Your Budget?

Whole life insurance policies are typically more expensive than term life insurance policies. A term life insurance policy may be better if you’re on a budget. However, a whole life insurance policy may be worth the investment if you can afford the higher premiums.

What Are Your Other Financial Obligations?

Think about your other financial obligations, such as credit card debt, student loans, or car loans. You’ll want to make sure these are paid off in the event of your death so your family isn’t left with a financial burden. A whole life insurance policy can help ensure your family is taken care of financially if something happens to you.

Get The Right Life Insurance For Yourself Today

Contact Bacon Insurance Group in Richmond, VA to learn more about choosing between term and whole life insurance.

Life insurance FAQs

Life insurance is one of those things that, unless you are in the insurance business, you probably have little or no knowledge about. That is true for most people. In spite of that, it is something that you need to think about sooner rather than later. In the greater Richmond, VA community, Bacon Insurance Group is your local independent insurance agent. Our team will work with you to make sure you have the right kind and amount of life insurance. 

Life insurance FAQs

When should I buy my first life insurance policy?

The simple truth is, before you need it. The reality is that when you are healthy and young, you will get the most choices and the best rates. It is a good idea to start with a whole life policy that will last for your entire life. At this point a term policy might run out while you still need it, 

Do I need my own life insurance if I get some from work?

Yes, you do. What if you change jobs, and chances are pretty good that you will. Can you take your life insurance with you? Is it at the best rate you could get for a similar policy and is it the amount you need?  You need to be in control of your life insurance. 

Can I pick anyone to be my beneficiary?

Yes, you can. Be aware, however, that if you choose a child, they will need to reach their legal age before they are able to access the money. 

Is there such a thing as too much life insurance?

If you are struggling to pay your premiums, then yes, maybe you have too much life insurance or, at the very least, the wrong kind. Sit down with your independent insurance agent to discuss your concerns. 

In Richmond, VA contact Bacon Insurance Group to discuss what your life insurance needs are. 

  • Anthem
  • Cigna
  • Donegal Insurance
  • Erie Insurance Group
  • Guard Insurance
  • Mercury Insurance
  • National General Insurance
  • Progressive Insurance
  • Travelers Insurance
  • United Healthkeepers

Servicing States

  • Virginia
  • North Carolina
  • Maryland


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