Term vs Permanent Life Insurance: Understanding the Difference

Life insurance generally falls into two main categories.

Provides coverage for a specific period, such as:

Example:

A $500,000 term policy may cost significantly less per month than permanent coverage.

However, once the term ends, the coverage may expire.

Permanent policies may last for life and may also accumulate cash value.

Examples include:

Permanent policies may serve both protection and long-term planning purposes.

Choosing between term and permanent insurance depends on individual goals, financial plans, and long-term strategy.

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— Sahil Virani