Term Vs Permanent Life Insurance: Which Should You Choose? [Infographic]
I think you’ll agree with me when I say:
Life insurance products are WAY too confusing for the layman.
Or is it?
Well, it turns out that the vast majority of life insurance products fall under 1 of 2 categories: term and permanent.
Two categories – much easier to remember than dozens of products, right?
In this post, I will do a thorough comparison between them – the ultimate term vs permanent life insurance showdown.
And in the end, I’ll also help you answer the question:
“Which one is right for me?”
Term life insurance and its 5 most common uses
Most people, when they think of life insurance, don’t picture a policy with cash values, investments, and so forth. They envision life insurance simply as straight forward as paying premiums in exchange for a death benefit when they die. This is exactly the principle of term life insurance. As part of a series of posts covering the basics of life insurance, in this week’s topic I will cover the 5 most common uses of term life insurance: final expenses, specific family need, income replacement, business applications, conversion to permanent.
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.
