What is the Difference Between Term Life Insurance and Whole Life Insurance?

When considering life insurance, one of the factors, which comes up right away, is the difference between term life insurance and whole life insurance. To fully understand how the right kind of life insurance can give you peace of mind, it is good to have a discussion about the details with your insurance agent at State Insurance Solutions serving Arlington, TX and the surrounding areas. Here are some of the basics that help in understanding the differences.

Investment Qualities

Term life insurance is for a specific period, such as five or ten years. Whole life insurance is generally designed to be held for the entire life of the person being insured. Whole life insurance has some investment qualities such as building cash value over time, which can be borrowed against or used to pay premiums in the policy’s later years. Moreover, when enough insurance premiums have been paid, a whole life policy may achieve a “paid up” status. This means no further premiums need to be paid for the policy to pay out its full value to the beneficiaries upon a person’s death.

Timely Needs

Depending on a person’s life path, term life insurance may be a good choice. For example, if a parent wants to provide life insurance protection for their children only until they reach a certain age, term life insurance may be a good choice. Term life insurance can provide coverage for this date-certain period. It can be set up to expire when the expectation is that there will be less need to provide financial support for the children at some point in the future.

Other Life Insurance Solutions

There are other forms of life insurance to consider that have a mixture of characteristics, including universal life, variable life, equity indexed life, and more. Each type of policy is designed specifically to address certain requirements and goals. This is why it is so important to talk with your insurance agent at State Insurance Solutions serving Arlington, TX to find the life insurance solutions that provide adequate coverage for your needs. Schedule an appoint for an insurance review with your agent or call for a quote.

What are the advantages of commercial property insurance?

State Insurance Solutions knows running a business gets complicated, especially when you’re starting out and handling it all alone. Let us make it easier by explaining one vital need whether you’re located in Arlington, TX or Kalamazoo, MI – commercial property insurance.

Commercial Property Insurance Explained

Commercial property policies cover the business – structure and/or its business property contents. You can add extras to your policy, referred to as "additional coverage," that cover specific items. A basic commercial property policy insures the building that houses your business if you own it. If you lease or rent it from another person or entity, the structural coverage occurs under their policy. If you rent your office space, you still need a policy to cover what the insurance industry refers to as business personal property (BPP).

What Commercial Property Insurance Covers

The structural aspects of these policies protect from damage or loss to the exterior, interior or whole of the structure. That means if a tornado blows through Arlington TX and tears off part of your building’s roof, your insurance policy covers the damage. Similarly, if a kitchen fire in your break room damages the countertops and built-in cabinets, this type of policy covers the damage. It also covers the central heat and air systems, boilers and furnaces. The BPP portion provides protection for carpets, office equipment, office furniture, refrigerators, and safety equipment such as fire extinguishers. It doesn’t cover your employees’ personal effects or items unless you add that extra to your policy.

Commercial Property Insurance Extras

It’s the little extras that make anything truly special. You can tweak your basic commercial property policy to make it unique to you and your business. You can include additional coverage to protect against:

  • construction cost increases,
  • electronic data and files,
  • fire department service charges,
  • pollutant cleanup costs,
  • removal of debris.

For other items, include a "coverage extension" to the structural or BPP aspects. You can extend coverage to newly acquired equipment or furnishings, structures under construction, employees’ and visitors’ personal effects and personal property, property, including store stock, stored off site or outdoors, detached trailers not owned by your firm, valuable business documents, and records.

Visit State Insurance Solutions to learn more about the ins and outs of commercial property insurance. You can protect every aspect of your business. We can help.