Life Insurance Purchasing Guide
- The two basic types of life insurance are term life and permanent life. Term life offers temporary insurance coverage. Permanent life offers death benefit coverage for your entire life.
- Term insurance provides temporary death benefit protection at a very low cost for a set number of years. Permanent life insurance provides death benefit protection to your age 100 (and beyond) along with cash values, which act as a savings.
- Term life insurance premiums are guaranteed to increase after the term is up. Permanent life insurance premiums are higher than term life insurance premiums and may require a lifetime commitment of paying premiums.