The catch with term life insurance policies is that they do not build cash value or have any other long-term benefit attached to them.
The coverage only lasts for the duration of the policy and when it expires the money will not be returned to the insured. This makes it a great option for individuals who are looking for a straightforward, low-cost solution when it comes to life insurance, but if you are looking for long-term benefits, then more expensive permanent life insurance is the better option.
If you need life insurance lasting beyond 30 years, then permanent coverage may be the solution. If you need coverage for 10 to 30 years, term life can help.
Permanent life insurance usually costs 5-10 times more than term life if you need coverage for 30 years or less. Request a free life insurance quote.