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Life Insurance6 min read

Term vs. Permanent Life Insurance

By Laurence Paolino, RN

Life insurance generally falls into two broad categories: term and permanent. Understanding the difference can help you think about what you want your coverage to do.

Term life insurance

Term life insurance provides coverage for a set period, such as 10, 20, or 30 years. It is often chosen to protect loved ones during years of major responsibility, like raising children or paying a mortgage.

Permanent life insurance

Permanent life insurance, such as whole life or universal life, is designed to last for your lifetime as long as premiums are paid. Some policies build cash value over time. Premiums are typically higher than term coverage.

Things to consider

  • How long do the people you support rely on your income?
  • Are there debts or expenses you want covered?
  • Is lifelong coverage important to you?
  • What fits comfortably in your budget?
Key takeaway: Many families find the right answer by starting with their goals, then matching coverage to them.
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