Term Life Insurance offers coverage that may be purchased for a specific time period, and
Permanent Life Insurance (also known as whole life insurance) offers protection for your entire lifetime.
Term life insurance is easy to understand, has the lowest prices and offers flexibility of choosing your life insurance protection of a period of 10, 15, 20, 25 or 30 years.
Permanent life insurance builds cash value inside your policy over the years and you may take a loan from this cash value if needed. In addition, it guarantees lifetime life insurance protection as long as your premiums are paid on time.
However, permanent life insurance may cost 3 to 5 times more per year compared to term life insurance.
Learn more about term life insurance versus whole life insurance.