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Term Life Insurance is temporary life insurance protection for a specific period of time. Think of it as "plain vanilla" or "pure" life insurance protection. The premium on a Term policy is low compared to other types of life insurance because it builds no cash value; you pay only for the cost of insurance (C.O.I.). The C.O.I. is the amount of money the insurance company charges to keep your life insurance policy in force, depending on your age and health at the time you apply for coverage. Under a Yearly Renewable Term policy, the C.O.I. is determined at the time you apply and increases at each policy anniversary (as you get older, it becomes more expensive to insure your life). Under a Level Term policy, the C.O.I. remains level during initial guaranteed period and then increases sharply. Term Insurance pays a specific lump sum to your designated beneficiary if you die within the period covered by 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 Insurance is best for young, growing families, whose financial needs are especially high but whose resources are often insufficient to cover those needs.
Permanent insurance is like buying a car you plan to drive forever. As long as you pay the premiums, permanent insurance stays in force as long as you live. It provides protection for your dependents by paying a death benefit to your designated beneficiary upon your death. In addition, a portion of your premiums are deposited into a tax-deferred cash value account that you can use while you are alive. Whole Life, Universal Life and Variable-Universal Life are examples of permanent life insurance.
