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Term insurance is like leasing a car. You purchase death benefits for a specified period --usually 5, 10 or 20 years. When the period is over, it's like turning in the leased car. The deal is done and you walk away. Term insurance pays a specific lump sum to your designated beneficiary if you should die during the term of the policy. The policy protects your family by providing money they can invest to replace your salary, and to cover immediate expenses incurred by your death. Term life insurance is best for young, growing families, when financial needs are especially low.
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Life insurance is a contract between you and an insurance company and is a way to protect your family in case of your death, by providing funds to pay outstanding bills, taxes and income loss. Under a Term Life contract, the insurance company promises to pay your beneficiaries a sum of money in the event that you die within a period of time defined in the contract (such as 5, 10, 15, 20 or 30 years). Under a Permanent Life contract, a portion of the money you pay in premiums is invested in a fund that earns interest on a tax-deferred basis. Over time, your policy will accumulate a "cash value" that you can use. For instance, you can borrow against the value of your policy. Moreover, you can design a Permanent Life contract that will accumulate enough cash so as to be "paid up" by a certain age (e.g., "Paid Up Age 65").
We want you to make the most informed decision possible when planning for your family's financial security. Paying low premiums should not be your only consideration when shopping for insurance. After all, a cheap policy may not adequately protect your family over the long-haul. Buying life insurance, disability insurance, long term care insurance or annuities requires serious decisions and thoughtful planning. Consulting a licensed insurance professional can help ease the burden and provide peace of mind.
