An insurance professional, George Argyros Jr. serves as the president of the Elite Financial Group, LLC, in Newport Beach, California. George Argyros Jr. helps clients obtain life insurance policies that meet their needs and protect their families.

1. By George Argyros Jr.

2.  An insurance professional, George Argyros Jr. serves as the
president of the Elite Financial Group, LLC, in Newport Beach,
California. George Argyros Jr. helps clients obtain life
insurance policies that meet their needs and protect their
families.
When purchasing life insurance, you should know the
difference between term life insurance and whole life
insurance. Term insurance is an affordable policy that requires
you to select a specific period of time in which you want
coverage. Timeframes typically range from five to 30 years.
During the lifetime of a policy, the premium does not change.
However, once it expires, a new term life insurance plan may
cost more. This type of insurance does not have a cash value
that allows you to withdraw money.

3.  However, if you pass away during a policy period, your
beneficiaries receive full death benefits.
Whole life insurance, also known as permanent or
cash life insurance, covers your entire life. It is
available in three forms, traditional, universal, and
variable universal. Whole life insurance has higher
rates than term insurance but functions as a savings
account because it has a cash value that gives you the
option of borrowing funds against it. This money can
be used to pay policy premiums or to increase death
benefits for beneficiaries after a certain period of time.
Your premium never changes, no matter your age, as
long as premium payments are made.