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Life Insurance Information


What are the types of Life Insurance?

There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.

The easiest way to understand the difference between term and permanent insurance is to use the analogy of owning versus renting a home.  Purchasing term insurance is often compared to rening a house.  When you rent, you get the full and immediate use of the house and all that goes with it, but only for as long as you continue paying rent.  As soon as your lease expires,you must leave. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance  can be easiest understood by using the analogy of equity in your home.  Permanent Life Insurance accumulates cash value, and is priced for you to keep over a long period of time. The cash value accumulation of permanent insurance is beneficial because you can borrow against generally tax-free and can be used for virtually anything from funding a child's college education to supplementing your retirement income.  This can be particularly useful in retirement when a spouse facing reduced Social Security benefits or possibly the end of pension income.

It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.

But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified life insurance professional.

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