OWN your insurance
just RENTING, thanks
Permanent insurance is designed to last for your entire life. It typically has a fixed cost for the life of the policy, and can also be structured to accumulate guaranteed cash-values & dividends that grow tax advantaged within the policy. This can greatly compliment and stabilize an existing retirement plan.
It provides a lump-sum payment upon death which can be invested to provide an income, or pay for final expenses & other costs. It can also be an effective part of diversifying an investment portfolio.
An amount of permanent insurance provides certainty of coverage for your whole life and it can be combined with term insurance.
Term insurance is a form of temporary coverage mainly used to cover off debts during working years, (such as a mortgage, credit cards, vehicle loans etc.), or other needs which will only last a certain number of years.
It has a fixed-cost for each term of the policy. It provides a lump-sum payment upon death which can be invested to provide an income, or pay for final expenses & other costs.
It is typically a less expensive monthly option, but is more costly through the entire life of the policy. It is a good compliment to an amount of permanent insurance, but does not accumulate a cash-value.