Term Insurance

• Duration: Provides coverage for a specific period (e.g., 10, 20, or 30
  years). If the insured passes away during this term, the beneficiaries
  receive the death benefit.
• Premiums: Generally lower than permanent insurance premiums,
  making it more affordable.
• Cash Value: Does not accumulate cash value. Once the term ends,
  coverage ceases unless renewed.
• Purpose: Ideal for temporary needs, such as covering a mortgage,
  supporting dependents, or planning for specific financial obligations.
• 
  Permanent Insurance

• Duration: Provides lifelong coverage as long as premiums are paid.
• Premiums: Generally higher than term insurance premiums, as they
  include both the death benefit and a savings component.
• Cash Value: Accumulates cash value over time, which can be borrowed
  against or withdrawn (with potential tax implications).
• Types: Includes whole life, universal life, and variable life insurance,
  each with different features and flexibility.
• Purpose: Suitable for long-term financial planning, estate planning, or
  wealth transfer.
• 
  Summary
• Term insurance is a more affordable option for those looking for
  coverage for a specific time frame without cash value benefits.
• Permanent insurance is better for individuals seeking lifetime coverage
  and savings benefits, albeit at a higher cost.
  When deciding which type is right for you, consider your financial goals,
  needs, and budget. It’s often beneficial to consult a financial advisor or
  insurance professional for personalized advice.