There are some basic differences between term life and permanent insurance. First, term life policies have an expiration date, while permanent life policies do not. If you keep paying your premiums, the policy will remain active. At the same time, term life policies cost less than permanent life policies.
However, one of the greatest features of these policies is that both have death benefits. These benefits will be issued after the policyholder dies and will ultimately help the family pay for funeral expenses, medical bills, and other costs, depending on the amount of the benefit. Typically, a term life policy will have a smaller death benefit than a permanent policy.
To learn more about life insurance policies, don’t hesitate to reach out to us. We understand the importance of life insurance and work to ensure all our clients are enrolled in the right policy for them.