Term and Permanent Life Insurance

Term Life

Term life policies are typically more affordable than permanent policies because term life coverage is temporary and does not accrue cash value. Term policies may be a good fit for parents or for spouses who want to ensure the financial security of their dependents during a critical time in their life, such as paying a mortgage or paying for a child’s education.

Permanent Life 
Permanent life insurance provides lifetime coverage (as long as you pay your premiums on time) and includes a cash value component that is not offered by term life policies. You can borrow against the cash value of the policy or collect it when the policy is surrendered. A permanent policy may be a good fit for someone who wants lifetime coverage and is interested in the investment vehicle it offers.

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