Permanent life insurance provides lifetime protection as long as you pay your premiums.
Permanent life insurance policies payout a death benefit upon the death of the insured person, and they build up cash value inside the policy over time.
Permanent life insurance usually costs up to 5-10 times more than the same amount of term life insurance.
Term life insurance is temporary life insurance protection lasting for a duration of up to 30 years.
You may choose a Policy term of 10, 15, 20, 25 or 30 years, depending on your age and health when you buy your policy.
Term life insurance pays out a death benefit upon the death of the insured person during the policy term.
Term life does not build up any cash value inside the policy.
If the insured person outlives the duration of the term life insurance policy, there is no payout of any benefits.
Here's how to compare permanent vs. term life insurance policies.