When it comes to life insurance, there are two main types: term and permanent. So, which one is right for you? Here is a look at the key differences between these two types of policies:
Term insurance is temporary coverage. It provides protection for a specific period of time (usually 10-30 years). After that time expires, the policyholder is no longer covered.
Permanent insurance, on the other hand, lasts for the rest of your life. It also builds cash value over time, which can be used later on in life.
One of the main factors to consider when choosing between term and permanent insurance is your age. If you are young and healthy, term life insurance may be a better option since it is cheaper.
However, if you are older or have health concerns, permanent life insurance may be a better choice since it will provide coverage for the rest of your life.
Another factor to consider is your financial situation. Term life insurance is generally more affordable, but it does not build cash value. Permanent life insurance is more expensive, but the cash value can be used in retirement or if you need to cover a large expense.
Ultimately, the best way to decide which type of life insurance is right for you is to speak with an Insurance Agent. They can help you evaluate your needs and find the best policy for your situation.