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Which Life Insurance Policy is better – Permanent or Term Life

Which Life Insurance is Best Permanent Life or Term

We often spend too much time fighting between our selves as to weather  Term Insurance is better than Permanent Life. Life insurance is a personal thing and unique to your personal  and family financial needs. What we have found as Life Insurance Brokers is that when people are properly informed they usually buy the best life Insurance policy for their family.

In a practical sense does it really matter which life insurance you buy if the policy  fits your budget and meet your family needs. The Important thing is to be prepared for  when Life’s changes.   Get A Quote

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Life Insurance provides a Financial benefit to replace Income upon the death of the Insured . In a broad sense Life Insurance is a financial tool used to keep individuals and Families in the Financial safety net if  the Insured should die. The proceed can be use to cover financial obligations like college, mortgage, medical expense and more.

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Life Insurance as a Financial Planning Tool.

Life insurance is a financial instrument that is part of most estate plans, financial plans and business balance sheets. The value of Life Insurance is that it provides an immediate lump sum of cash usually called face amount or death benefit upon the death of the insured.

Your life insurance have several features depending on the policy you buy these benefits can be different. Let us review some of the differences and how each policy can benefit you and your family.

Which Life Insurance Policy is better – Permanent or Term Life

Term Life Insurance benefits

Term Life Insurance policy provides larger death benefit at lower cost.

Term Insurance is for a specified time period usually  5 years,  10 years, 15 years, 20 years 05 30 year term

Term Life Insurance has a terminal Illness rider included in the policy contract.

All policy terms are subject to you paying your policy premium as agreed.

Permanent Life Insurance

Permanent life Insurance provides life time coverage and cost more for than Term Insurance.

Permanent life Insurance includes a Chronic Illness Rider, a benefit you can use as a Long Term Care benefit. You doctor will have to certify that you are not able to perform  at at least two  activities of daily living. You can accelerate a portion of your life insurance usually in a lump sum  or a monthly payment base on your policy terms.Which Life Insurance Policy is better – Permanent or Term Life

Cash Value 

Your provides an option to grow cash values over time. You can borrow and use the cash value for any thing you wish including subsidize your retirement income.

Which Life Insurance is Better Permanent Life or Term 
 
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Which Life Insurance Policy is better, Permanent or Term Life

Individual Life Insurance Facts and data from  LIMRA

Federal Long Term Care Activities of Daily Living  Long term care activities are use to determine ones ability to live independently.