Term vs Permanent Life Insurance
Joyanna Insurance can offer you insights into the differences between Term vs Permanent Life Insurance.
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Understanding Term vs Permanent Life Insurance
What Is Life Insurance?
A life insurance policy is a contract with an insurance company that provides a lump-sum payment to beneficiaries you choose in the event of your death. The policy must be in force at the time of death for the insurer to issue the death benefit. Life insurance comes in both temporary and permanent varieties. It can sometimes be used to supplement saving for retirement and it can provide access to benefits during life, too.
What Is Term Life Insurance?
Term life insurance is a policy of up to 30 or 40 years that provides a payout if you die within the period specified by your policy. If you die after the policy expires, your beneficiaries won’t receive a death benefit. Term life insurance is affordable and sufficient for most people’s needs. Some term policies may be convertible to a permanent policy or may come with benefits you can use during your life in certain situations.
What Is Whole Life Insurance?
Whole life insurance is a type of permanent life insurance that delivers a death benefit no matter when you die, as long as your premiums have been paid. Premiums are fixed and part of the premium goes towards building cash value, which you can access while you’re alive. Whole life insurance can cost six to 10 times the premium for a term life policy with the same face value.
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