Term vs. Permanent Life Insurance
You must consider the reason you are purchasing the insurance when you are trying to decide between Term and Permanent life insurance. Are you purchasing the coverage for a short period of time or do you have long-term goals for the coverage. You should consider your overall financial plan to help you determine the best option for your needs.
What is Term Life Insurance?
Term life insurance is uncomplicated and affordable. Term insurance offers a guaranteed premium and death benefit during a specific period of time. Term insurance can be a great option for Buy/Sell agreements, to pay off a mortgage or cover short-term debts and help provide for your family’s loss of income. Term policies can provide the option to covert the policy into a permanent life policy, which can give you the opportunity for cash accumulation and a lifetime of coverage.
Permanent Life Insurance
Permanent Life insurance can offer coverage for a lifetime. This type of policy offers many additional features unlike Term insurance. You will have the potential to accumulate cash value with a Permanent Life policy. You can also receive Long Term Care coverage with these types of policies. Permanent insurance policies offer flexibility in paying your premiums. Whole life insurance can help incorporate Actual Science into your retirement income stream so you will not have to default yourself with a 3-4% income stream distribution rate at your time of retirement.
Permanent Life policies available:
- Universal Life
- Indexed Universal Life
- Variable Universal Life
- Whole Life
All of these permanent policies have unique features and we can help you chose which type of policy will best fulfill your needs.
Why Life Insurance
You will have numerous financial goals during your lifetime. Life insurance can help you protect your loved ones and your business. Permanent life insurance can also assist in the long-term wealth building of your retirement and provide you with a much larger income stream during your retirement distribution years.
A Comparison:
| Benefit Protection in Death | Accumulated Value | Long-term Care Coverage | Flexibility based on Needs | |
|---|---|---|---|---|
| Term Life Insurance | Yes | No | No | No |
| Permanent Life Insurance | Yes | Yes | Yes | Yes |
Preferred Partner