Permanent life insurance cost a lot more than term because it lasts for your entire lifetime, and it may build up cash value inside the life insurance policy over time, from which you may be able to take a loan.
Term life insurance costs a lot less than permanent because it is temporary life insurance for a set period of time.
Term life policies usually last for 1-30 years, and many plans provide coverage for a term of 10, 15, 20 or 30 years.
If you outlive the duration of your term life insurance policy, your life insurance coverage ends.
Level term life insurance is the most popular type of term life coverage. it provides you with an amount of life insurance that remains the same each year throughout the life of your policy, while the premiums stay the same, as well.
Learn more about how term life insurance works and compare rate quotes online today.