Life Insurance

What is Term Life Insurance?

Term life insurance provides protection for a specific time period. Because term insurance is relatively inexpensive, it could be a good choice if you can’t afford the permanent life insurance protection you wish to have. Term insurance provides the protection you need now, at a cost that may be more affordable. Because most term life insurance policies have a convertibility option which allows the insured to convert their temporary coverage to permanent policy without proving insurability, this type of insurance provides protection for today and flexibility for tomorrow.

What is Permanent Life Insurance?

Permanent life insurance provides death benefit protection for life. As long as you pay the premiums, the death benefit will be paid. Permanent life insurance may have fixed premiums, generally accumulates cash value on a tax-deferred basis and may pay policy dividends. Although more expensive initially than term life insurance, permanent life insurance may, over time, become the least expensive form of life insurance.