Term & Permanent Life Insurance
Term Life Insurance
Term life insurance is a simple and affordable way to protect your family. You pay premiums on a monthly or annual basis, and coverage lasts for a set period of time.
Term life insurance can:
- Help replace lost income
- Cover short-term debts and financial needs
- Provide protection during child-raising years
- Help pay off a mortgage or fund education expenses
Coverage is typically available in 10, 20, or 30-year terms with a guaranteed benefit.
Permanent Life Insurance
Permanent life insurance provides lifelong coverage and added financial flexibility. In addition to a death benefit, these policies build cash value over time that can be accessed during your lifetime.
Permanent life insurance can:
- Help replace income and cover long-term expenses
- Support mortgage, education, or legacy planning goals
- Build cash value with tax-deferred growth
Policies generally offer level premiums and remain in force as long as required payments are made. Options may include single premium plans or structured payment periods.
Additional benefits may include:
- Tax-deferred growth of cash value
- Death benefits that typically pass income tax-free to beneficiaries
- Access to cash value during your 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.