Term Insurance & Permanent Insurance
Term Insurance is designed to meet your temporary insurance needs. It provides protection for a specific period of time or “term” and will usually only pay a benefit if you expire during the term.
Term insurance makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you might decide that you only need coverage until your children graduate from college or a large debt is paid off, such as your mortgage.
Permanent Insurance provides you with lifelong protection. As long as you pay the premiums and no loans, withdrawals, or surrenders are taken, the full face amount of the policy will be paid. Because it is intended to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.