The difference between whole life and term life policies

Regarding life insurance, the two most popular types of policies at Giles & Iten Insurance are term life and whole life here in the Surprise, AZ area. While both provide financial protection for you and your family in the event of your death, there are some significant differences between them. 

Term life insurance is a type of policy that offers coverage for a predetermined length of time, such as 10, 20, or 30 years. If you die during the term of the policy, your beneficiaries will receive a death benefit. These policies are more cost-effective than whole-life policies because they don’t build up cash value over time.

In comparison, whole life insurance provides lifelong coverage – so long as premiums are paid on time – and builds up cash value over time. If you cancel the policy, you will receive a portion of the accumulated cash value as a return premium. Whole-life policies are more expensive than term-life policies because they offer lifelong coverage and accumulate cash value. 

Ultimately, which type of policy is best for you depends on your individual needs and lifestyle. Before making any decisions about purchasing either type of policy, speak with an experienced agent who can help assess your situation and make recommendations accordingly.

For more information or to speak to an agent about what type of policy is best for you, call us at Giles & Iten Insurance today. We are proud to serve the Surprise, AZ area and would be happy to help you find a policy that meets your needs and budget.

Is Life Insurance Worth It?

Life insurance protects your family in the case of death, injury, or illness. It can also cover you if you cannot earn a living or something unexpected happens, like a job loss or a serious illness. 

The best life insurance is designed to cover a person’s short-term needs and allow them to keep making payments for a while. However, it’s also essential to consider the total cost of the policy when determining whether or not it’s a good fit for your situation. 

How to Apply for Life Insurance

The application will require information about your age, health, occupation, and other pertinent information. When shopping for life insurance, don’t limit yourself to looking at the rate and the number of years of coverage. 

Look at the coverage value and not the value of your house or your savings. Life insurance policies provide different values to different people because people value different things. If you’re reading this, you’re probably one of the more than 191 million people in the U.S. who do not have life insurance. 

Some policies have shorter terms, like six months, while others have longer terms, like ten years. The third is the annual premium. This is the cost of the policy each year, and it can be a considerable expense if you need to renew the policy often. 

There are other factors to consider, like whether you have any medical conditions that would disqualify you from coverage or if you smoke or drink. If you’re not sure if life insurance is right for you, talk to an advisor at your bank or brokerages about what’s available and how much it might cost. Giles & Iten Insurance, serving at Surprise, AZ, can get you set up. 


Life insurance will help protect your family against financial emergencies. It can also help cover expenses if a loved one passes away, especially if you can’t afford to pay for it. And since life insurance is a financial commitment, consider how much you’ll need to put away each month to cover the cost of coverage. 

Some general tips to consider when weighing the pros and cons of life insurance include the amount of coverage you need and whether or not a policy provides a good value for your specific needs. For help, consult Giles & Iten Insurance, a firm serving clients in Surprise, AZ.

Do I need to get life insurance?

In the Surprise, AZ area, there are going to be several types of insurance coverage that the typical person will need to have. One important form of coverage that many people should consider getting is life insurance. There are a few reasons why the average person in this area of Arizona will need to have a life insurance plan.

Coverage Protects Dependents

A common reason that anyone will want to have life insurance is that it can protect their dependents. If you have people that you support, you will want to ensure they are cared for financially even if you were to pass away. With life insurance, you are going to get the protection you need. You can build a plan that will provide a financial insurance benefit that will be sufficient to cover their living costs and other expenses you want to be included.

Coverage Can Provide Investment Advantages

You should also consider getting a life insurance plan due to the investment benefits that they can provide. With a whole life insurance plan, you can receive the advantages of life insurance coverage while also enjoying a low-risk investment alternative. With this protection, some of your monthly payments will build into an account and provide interest income to you along the way. 

Picking a life insurance plan is never easy. As there are different options and many factors to consider, those in Surprise, AZ should call Giles & Iten Insurance when they are looking for a new insurance plan. Giles & Iten Insurance understands the different options that you have and can give the support you need to build and choose a new plan. If you do call them, you can learn more about the different options and choose an insurance plan that will work for you. 

Is Whole Life For Children A Good Choice?

Life insurance is a type of coverage that can not only help loved ones after a covered death, but it can also help with unexpected issues or future expenses. The type of insurance that can offer these options is whole life. Whole life allows the policyholder to build cash value against the policy as they make payments over time. This type of whole life is also available for children, but many may wonder if it is a good idea to get this type of coverage. 

Life Insurance For Children

Whole life insurance policies for children have become quite popular over the decades. Those who choose this type of coverage can use the policy to help pay for the child’s future expenses when they are older. Many use it for college or even emergencies. Although this type of coverage may not be for everyone, it may be useful for family members to purchase to protect against unfortunate covered events and to help plan for the child’s future. 

Get the Right Policy

The best way to get the right type of life insurance coverage is to work with a licensed life insurance agent. Life insurance agents are experts in helping clients learn more about the policy and educate them about the terms and conditions. This is an excellent tool for many to use for financial planning and protection. Anyone who is considering buying a child a life insurance policy in the Surprise, AZ area should consult with an agent from Giles & Iten Insurance to get started preparing for the future. 

Life insurance can be an extra layer of protection and even a financial resource in the future. Get the right policy and learn more about this type of coverage by calling or stopping by Giles & Iten Insurance today if you live around Surprise, AZ. 

3 things you need to know about life insurance

Life insurance is, in many ways a necessary element in Surprise, AZ. Imagine yourself as the breadwinner of the family leaving your loved ones without even so much as a crumb to eat because you failed to prepare for the unexpected. Such is the case when you choose to go without life insurance.

Contrary to what some may believe, life assurance plans are not all the same. Some policies come with benefits that you can take advantage of while still alive. Other, more economic, plans only provide payouts to your loved ones upon your death. The agents at Giles & Iten Insurance are professionals who know the ins and outs of life insurance. They can explain the details and help you find the indemnity plan that assures your family’s financial standing after you have passed on. Read on to learn three basic concepts about life indemnity plans.

1. Term life insurance comes with benefits

Some people shy away from term life assurance because of its ability to provide a payout for a certain term. The notion of such a “temporary” fix to a permanent and inevitable issue seems irresponsible to such consumers.

Term life insurance, however, comes with several benefits. First, term assurance plans are cheaper than permanent life insurance, which means that you can get more for your dollar. You may also be able to avoid the dreaded physical examination that prevents many from having the whole life insurance policy that they desire. Some term life assurance plans even offer policyholders in the good standing the opportunity to convert to permanent life insurance with no physical exam. This means that you can take an alternative route to permanent life assurance.

2. Permanent insurance is higher for a reason

Those expensive premiums are not just there for the sake of insurance companies charging more. Whole life insurance comes with fringe benefits that include cash build up that you can use while you are still alive. Many policyholders find their way out of a financial bind by cashing in on the interest that has accumulated with timely payments on their whole life assurance plans.

3. You should consider several things before buying life insurance

You are making a big decision when you decide to buy life insurance. You should, therefore, have several questions for the assurance company handling your purchase and consider your lifestyle before selecting the amount of coverage you want in Surprise, AZ.

The agents at Giles & Iten Insurance understand the importance of having financial stability as represented through life insurance. Let them guide you through the process of getting the assurance policy that your family needs. Call today to get started with a quote!