Term Life vs. Permanent Life Insurance

Understanding term life insurance

Term life insurance is often selected to protect against financial responsibilities that may decrease over time, such as a mortgage or income replacement during working years.

It generally offers lower initial premiums than comparable permanent coverage, although costs depend on age, health, coverage amount, and policy terms.

Understanding permanent life insurance

Permanent life insurance may provide lifelong coverage and can include cash value features.

Different permanent policies have different guarantees, costs, and funding requirements. Understanding those differences is important.

Which option fits your goals?

The right choice depends on how long you need coverage, your budget, and whether permanent protection or cash value is important to you.

Some families use a combination of term and permanent insurance to address different financial needs.

Sources and further reading

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Talk through your options

Have questions about your coverage options? Let us help you understand what may fit your needs and budget.

General education only. Coverage, costs and eligibility depend on policy terms and underwriting.