Term & Permanent Life Insurance
Term Life Insurance
Term life insurance is the most straightforward form of protection. You generally pay premiums on a monthly or annual basis and your family is protected for that “term.” G2 Insurance offers a variety of affordable term life insurance products to fit your needs, time frame, and budget. Term life insurance:
- Helps provide for a family’s loss of income
- Covers short-term debts and needs
- Provides additional insurance protection during the child-raising years
- Provides longer term protection to help your family pay off a mortgage or to help pay for a college education
Select 10, 20, or 30 years of coverage and a guaranteed benefit.
Permanent Life Insurance
Permanent life insurance helps your family prepare for the unexpected. The death benefit can help replace a family’s loss of income, help with mortgage costs, educational needs, or leave a legacy for the next generation. Over time, permanent life policies build cash value that grows tax-deferred and can be accessed during your lifetime. Permanent life insurance policies from G2 Insurance offer level premiums and life insurance protection for as long as you live, provided that premiums are paid as required to keep the policy in force. We offer Permanent Life policies that can be paid with a single premium, premiums payable to 100, or premiums payable up to a limited number of years.
- Tax-deferred growth of cash value.
- Death benefits generally pass on income tax-free to your beneficiaries.
- Cash values can be accessed during the insured’s lifetime.
| Pros | Cons |
|---|---|
| Term life premiums are the lowest on the life insurance market, allowing younger customers to buy more coverage when they most need it. | Renewing the policy can be impossible or too expensive. |
| Term insurance is the best solution for needs that will disappear with time, and when protection is needed for less than ten years. | Term life insurance does not provide any living benefits; it only pays proceeds if the insured dies. |
| Policy owners can usually convert to a permanent policy at any time while their term life policy is in force. | Term life policies do not have a savings feature. |
| The death proceeds are not subject to federal income and state inheritance taxes. | Coverage ends when the term ends. |
| Pros | Cons |
|---|---|
| Permanent life can allow for a buildup of cash value and if held long enough can increase in value and face amount. | Permanent life is generally more expensive than term. |
| Depending on how the permanent life insurance policy is designed, it could provide a source of tax-free income in the future. | A permanent life insurance policy has more features than term insurance, making it a bit more complex. |
| There are products that you can use inside of the policy that can protect the cash value against any market loss. | Permanent life insurance fees are high and are paid with lower returns. |
| A correctly structured policy has value as a benefit, although the primary advantage of life insurance is its death benefit. | There are only two ways to get money out of a whole life insurance policy. 1) Permanent Life insurance requires a longer commitment than a term policy, and 2) The initial death benefit may be smaller at the beginning of a permanent policy. |
Get in touch with one of our agents today at (262) 784-0644.