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We can help you learn more about the differences between term and permanent life insurance, and which might be right for you.
Permanent vs. Term Life Insurance
Typically people choose between the two most common types of life insurance: term life insurance and permanent life insurance. As you’re comparing these two options, it’s important to consider factors like cost and length of coverage. For example, permanent life insurance provides coverage for your entire lifetime as long as you pay your premiums. Alternatively, term life insurance offers coverage for a specific term or period of time, such as 10, 20, or 30 years.When comparing costs, it’s important to consider that the cost of permanent life insurance remains constant throughout the policy's duration, with premiums locked in at the time of purchase, while term life insurance premiums typically increase with each renewal. However, term policies may offer lower rates overall, while permanent life insurance coverage can be more of a financial investment.