Life Insurance Question-Term or Perm?

If we knew when we were going to pass away, buying life insurance wouldn’t be so hard. Although we don’t know the time or the day of our passing, we can plan for it. Part of that plan should include protecting our family and our assets.  One of the easiest and most cost-efficient ways to do that is to purchase life insurance.

There are two categories of life insurance you need to know about–Term and Permanent. Here are a few facts about both.

A few facts about Term Insurance

  • As long as the premium is paid, you are protected until the term ends (1-30 years)
  • Premiums are usually lower than they are for permanent insurance (affordable)
  • Does not build cash value
  • May offer the option to convert to a permanent policy
  • Death benefits are tax-free

A few facts about Permanent Insurance

  • As long as the premium is paid, you are protected for your whole life
  • Premiums are higher than they are for term insurance
  • Builds cash value which you can withdraw or take a loan from
  • Death benefits are tax-free
  • There are several types of permanent insurance

Knowing the difference between Term and Permanent insurance is just the first step.  I recommend that you work with a professional to get through the next steps like, how much insurance you need, who should be the beneficiary, and what assets need to be protected,  just to name a few.

I’m here if you need me,







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