When you have dependents who rely on your income to survive, it's important to protect them with the right type of life insurance. The two most common today include term and whole life. If you are unfamiliar with either of these, the following guide will break them down.

What Is Term Life?

Term life insurance covers you for a fixed term, which can be anywhere from five to 30 years and is easy to purchase. Most times, you do not have to submit to a medical screening. This type of insurance offers basic coverage that pays a death benefit if the covered individual dies while the policy is in effect.

The premium never increases during the term of the policy, but if you wish to renew it after it expires, you will have to pay more per month because you are older now, and the insurer's risk is higher. It is a good policy for people who need basic coverage for a temporary period.

What Is Whole Life?

Unlike term life insurance, whole life stays with you until you pass away. It also costs more because of the payout that occurs because you are making monthly payments. To qualify, you may have to pass a health screening to make sure you are in optimal health.

Whole life policies often include a retirement investment component. Whole life policies also often include other types of coverage, including long-term disability, which cover you if you are left disabled and unable to work.

If you need help selecting a life insurance policy that protects your loved ones, contact Siemers Insurance Agency in Cincinnati, OH. They have served the Tri-state area for more than 60 years. In addition to life insurance, they also specialize in auto, motorcycle, business, umbrella, and homeowners insurance. Call them at (513) 469-8877 to work with an agent or visit their website to request an online insurance quote.