The basic difference between term and permanent life insurance is this: A term policy is only a temporary life coverage only whereas a permanent life insurance policy is a lifetime policy, as long as one continues to pay the premiums. Permanent life insurance policies build up cash value (usually beginning after the first year). With permanent life, you pay a fixed premium for life instead of the increasing premiums found on renewable term life insurance policies. In addition, permanent life insurance has a cash value feature that is guaranteed. In term and permanent, the full premium must be paid to keep the insurance.
If you are thinking of building a cash value then yes, permanent insurance is a good investment. Speak to our agent, and he will be happy to assist you in any manner whatsoever.
To compare quotes, simply click life insurance quotes and you will be taken to a page that asks you to complete a form. If you’re unsure of how much coverage you need, or how long the term should be, connect with one of our knowledgeable representatives immediately. You can also send us an email or call our licensed agents at 1-800-521-7873.
Find out more about the differences between term insurance and whole life insurance and the advantages below: