term life Vs permanent life insurance

Permanent life policies cover you for life. They have a cash value component that grows alongside the policy, and this can be withdrawn, added to or borrowed from whenever the need arises. Term life insurance policies are typically for a fixed duration, after which they expire. They are pure life insurance policies, and don’t have cash values associated with them; hence term premiums are cheaper without compromising on the death benefit.

Term life policies come with an option to convert to whole life when the term ends. Check with your life insurance carrier. If you are in the market for a fresh policy search for quotes online, and go over the policy documents carefully before you choose your term life policy.

Denise at AccuQuote
Disclaimer: I work for AccuQuote and this is my personal opinion.