Term vs Permanent Life Insurance: Which Should You Choose? [Infographic]
Choosing the right life insurance policy is one of the most important financial decisions you’ll make, but it often comes with a tough question: Should you go for term or permanent life insurance? Both types have their unique features, benefits, and drawbacks, and understanding them is key to making the right choice for your needs.
In this post, we’ll demystify the differences between term life insurance—a cost-effective option for temporary coverage—and permanent life insurance, which provides lifelong protection and potential cash value. We’ll delve into the pros and cons of each type, helping you weigh affordability, flexibility, and long-term benefits.
By the end, we’ll settle the debate once and for all, helping you determine which type of life insurance is most suitable for you, based on your financial goals and personal circumstances. Let’s dive in and uncover which policy aligns best with your life plan.
Permanent life insurance: 5 most common uses
Permanent life insurance has long been compared to term life insurance in terms of suitability and usage. While some favour term, permanent has its own set of benefits and uses. In this post we highlight permanent life insurance and its 5 most common uses: final expenses, investment/insurance hybrid, legacy, estate equalization, business applications.
5 important points to consider when purchasing life insurance
Five important points to keep in mind when thinking about purchasing life insurance. Know why you’re buying it, how much coverage is needed, whether to buy term or permanent, choosing additional options and affordability. There is no “perfect policy” that is suitable for everybody. The only perfect policy is one that is in force at the time of death of the life insured. Start by discussing with your family what your objective is for purchasing life insurance, and speak to a licensed insurance professional about your different options.
