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Term Life Insurance

One of the main types of life insurance is called Term Life Insurance. This type of life insurance is generally lower in monthly cost and used to cover needs that are transient such as a mortgage debt or for income replacement during your working years.

Pros  & Cons of Term Life Insurance

The advantage of term life insurance is that you are able to purchase a large amount of coverage for comparatively little monthly premiums. You also lock-in your insurability during the course of the term because most term policies have a guaranteed conversion clause. The guaranteed conversion clause allows you to convert the term to a permanent without needing qualify for it medically.

The disadvantage of a term life policy is that they are designed to expire within your lifetime and are not well suited to addressing permanent needs, such as for capital gains tax at death or for final expenses. That is to say that these policies are used to cover unforeseen deaths that are shorter than the statistical norm.

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Term Insurance

Purpose

Term Life Insurance is an affordable kind of life insurance that guarantees a rate for a fixed number of years. After the fixed term is over, you may continue on the policy but the rate will be significantly higher. Term Life policies generally expire at age 85 but most policies will allow for a conversion to permanent at age 65 or 70.

Term Life Insurance policies are most suited to needs that are for a finite number of years, for example, a mortgage.

Types of Term Insurance

  • 10, 15, 20, 25, 30, 34, 40 year terms
  • to age 65, 70, 75

Permanent Life Insurance:

Purpose

Permanent Life Insurance is a kind of life insurance that will never expire. The rates for Permanent Life Insurance are higher than rates for Term Life Insurance.

Permanent Life Insurance policies are most suited to needs that will never go away, such as funeral and burial expenses or estate taxes.

Types of Permanent Insurance

  • Term 100 – A basic permanent life policy that does not offer any cash values.
  • Whole Life – A permanent life policy that offers cash values where the investments are managed by the insurance company. It is available as increasing (with minimum guarantees) or level (entirely guaranteed).
  • Universal Life – A permanent life policy that offers cash values where the investments are self-managed. It is a flexible type of policy that can be structured to maximize cash value or to maximize guaranteed coverage.