The difference they are referring to is the difference in cost between comparable amounts of Term or Permanent Life Insurance.
Permanent Life Insurance is just that. It can last until youre 100 in many cases, and it can have components that build cash value.
Term Life Insurance is pure protection for a specified period of time — usually 10, 15, 20 or 30 years. In most cases, Term Life builds up no cash value. However it is much cheaper than Permanent Life Insurance for a comparable amount of coverage.
Because of this cost differential, many financial experts recommend their clients buy Term Life Insurance for the period of time when their family would be most vulnerable if something were to happen to a breadwinner. And invest the savings from buying Term Life Insurance into safe, high yield investments.
Most financial advisors recommend that you do not look upon Life Insurance as an investment. It should be chosen for what it can do best: provide affordable financial protection for your family. Life Insurance and investments require separate financial strategies.
The easiest way to determine the Term Life Insurance company with the best rates for you is to contact an independent sales agency like SelectQuote with experienced, impartial agents that represent a number of highly rated Life Insurance companies that specialize in different risks.