Should You Get Permanent or Term Life Insurance?

16 Nov Should You Get Permanent or Term Life Insurance?

Determine whether obtaining a permanent or temporary life insurance policy is best for you and your family. 

All the various types of life insurance, from whole life, term life, variable life, and universal life, can be narrowed town to just two forms: term and permanent. As their names imply, term life insurance is designed to cover a certain term or a number of years, whereas permanent life insurance stays with the policyholder for their entire life (as long as premiums are paid, of course). Deciding on which is better for your needs requires taking a look at each policy.

Term Life Insurance

Term life insurance is awarded many votes because of its attractive, low premium. It is popular choice for people who believe it can provide the greatest capacity at the lowest overall cost. Individuals can decide on this coverage and choose to have protection in place for a certain number of years, such as 10 years, 15 years, or 30 years. Once this term is over, your premiums stop and your death benefit stops. At the end of that term, you will need to renew the policy again.

Whole Life Insurance

Whole life insurance is a permanent life insurance that is designed to provide protection for your whole life. Policy premiums are usually fixed, and, unlike term life, has a cash value, and may be cashed out once you retire and don’t need the policy any longer. This policy can be useful as part of a highly customized personal finance or estate planning strategy.

If you need help deciding on what life insurance policy is best for you and your family’s needs, get in touch with industry professionals. Contact Kevin or Marci to get started on securing the right life insurance today!