Deciphering Life Insurance: Term vs. Permanent

Today, let's dive into the world of life insurance and explore the key differences between term and permanent life insurance policies. Life insurance can be neatly categorized into two main types: term and permanent. We often receive questions about which one is better, but the truth is, what matters most is having the right coverage that suits your needs.
 
Term Insurance: Think of term insurance as renting. These policies offer a significant amount of coverage at a relatively low cost. However, they come with a catch—they are temporary. Terms typically range from 10, 15, 20, 25, or 30 years. For many of our clients, these policies cost less than $100 a month, making them an affordable way to protect against temporary needs.
 
Term insurance can help pay off a mortgage, replace your income for several years, and maintain your family's standard of living if you pass away. Even if you don't have a family today, getting a term policy is a smart move. Why? Because the younger and healthier you are, the lower the insurance cost. Some individuals strategize by securing an affordable term policy now and plan to acquire a permanent policy later in life when they can afford it.
 
Permanent Life Insurance: Now, let's shift our focus to permanent life insurance. There are various types, but here are the basics. Permanent life insurance is designed to last your entire life. These policies usually cost more than $100 a month for our clients. What makes them stand out is that they build cash value over time, providing an additional financial benefit.
 
With permanent life insurance, you can take loans against your policy, enjoy payment flexibility, and potentially have a larger death benefit amount. These policies also offer access to living benefits. For instance, if you face a critical or terminal illness, you can tap into the funds early to cover expenses.
 
In summary, whether you choose term or permanent life insurance, the key is to get insured. Life insurance can be one of the best financial tools to secure generational wealth for both current and future loved ones. If you haven't already, take a moment to calculate how much you make in a year and multiply it by 10 years. Your earning potential over time is substantial, and life insurance ensures that you capture and preserve it for your loved ones. So, why wait? Get a quote, secure the bag, and celebrate your legacy today.
 
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