The Difference Between Whole and Term Life

When it comes to purchasing a life insurance policy, it is not as simple as only picking the amount of coverage you want. In fact, there are two main categories of life insurance for you to choose from: whole and term life. Understanding the difference between these two types of policies is key to ensuring you get the best one to fit your needs from The Sanford Group serving Ball Ground, GA.

Term Life Insurance

Term life insurance is designed to only last for a specific term in your life. That means it is not permanent and will stop being a policy either on the expiration date or when you stop making payments. This is a more common type of life insurance policy because it tends to be much cheaper. However, it is only a basic life insurance policy and you do not get any added benefits from it.

Whole Life Insurance

A whole life insurance policy is one that will last for your entire life, even after you have completed payments for your policy. It does tend to be more expensive but it does also have a cash value associated with it that grows over time. This is more of a benefit because it does have a value associated with it and it will not expire on a certain date. Additionally, if you start a whole life insurance policy earlier in life, you can lock in a lower rate for the duration of your payments.

Now that you know the difference between the two main categories of life insurance, you can start shopping around for the right policy and price. For more information and to get a quote for your policy, be sure to contact The Sanford Group serving Ball Ground, GA today.

Why Commercial Insurance is a Critical Safety Net for a New Business

When is a business the most vulnerable? Many would argue that weakness is when the business first starts, or when the business suddenly has a big lawsuit. In reality neither are that major risk point. Instead, the most exposed period is when a Ball Ground, GA business is ready to grow or is growing exponentially.

When a business is young and growing, there is lots of enthusiasm, energy, risk-taking, and learning. Unfortunately, this is also a time when mistakes can be made that the business eventually learns from as it solidifies its position. The expense of mistakes is typically offset by the exponential revenue gain, but not always.

Commercial insurance provides a critical protection that keeps a business alive versus being destroyed but its first legal mistake. That mistake could come in a number of different ways, and oftentimes it’s not predictable. It might be a term left out in a contract, a professional performance that the customer wasn’t satisfied with, or a regulatory issue missed. One often doesn’t know what that risk is going to be until it happens, and then the company is suddenly facing a major threat because the penalty could literally put the entity out of business.

It is technically possible to operate a business without commercial insurance. But those firms and companies that have survived, grown and prospered and still operate today are the ones who know they can’t fend off everything. Instead, they invest in a coverage plan so they can focus their energy instead on what they do best (and that’s usually not in the courtroom).

To find out more about how a commercial insurance policy can be integrated into your new business, contact the Sanford Group. Servicing consumers and businesses in Ball Ground, GA, the Sanford Group can craft an ideal policy for all types of companies and services.