Term Life Insurance Vs Permanent Life Insurance at Life

Term Life Insurance Vs Permanent Life Insurance. A permanent life insurance policy is just the way it sounds, permanent and meant to be with you forever unlike the fixed time frame of term insurance. Whole life is a form of permanent life insurance, which differs from term insurance in two key ways.

First and foremost, the price is often one of the most important factors for life insurance and term life insurance rates are cheaper than whole life. Term life insurance is active for a limited period, called the term, whereas permanent life insurance lasts as long as you continue to pay your premiums. Term life insurance pays a death benefit if you die during the term specified in your policy, while permanent life insurance covers your entire life, and includes a cash value component in addition to a death benefit.

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Depending on your age, health and the amount of coverage you need a term life policy may cost just a few hundred dollars a year. First and foremost, the price is often one of the most important factors for life insurance and term life insurance rates are cheaper than whole life. Meanwhile, the permanent policy stays at $232.58/month for its entirety. It is also less expensive than permanent life insurance which accumulates cash value and provides other benefits.