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Term insurance and permanent insurance are two basic types of life insurance. Term is temporary, and it covers only a specific period of time called the relevant term. Permanent is the type of insurance where the policy is for the life of the insured and the payout is assured at the end of the policy. Term builds on cash value while permanent accrues cash value.
Now let's look at the pros and cons for term and permanent life insurance.
Term insurance has two advantages. First, its initial premiums are usually lower than the initial premiums of permanent insurance. Secondly, term insurance is better for covering needs such as loans or mortgages, which will disappear in time.
There are a few disadvantages in term life insurance: Coverage might become too expensive to keep or terminate at the end of the term. Also, the premiums increase with ages. Besides, paid-up insurance and cash value are usually not offered.
The advantages of permanent insurance are as follow: You get a guaranteed protection for life as long as you have paid the premiums. Secondly, a cash value is accumulated with the policy and you can borrow from it. Thirdly, you can choose to set the premium costs whether fixed or flexible depending on your needs. Besides, a permanent insurance policy's cash value can be surrendered for cash value. In addition, you can add a provision to the policy for the option of purchasing additional insurance without having to providing evidence of insurability.
There are a couple of disadvantages in permanent life insurance. First of all, the required premium levels might make buying enough protection harder. Also, if not kept long enough, permanent might be more costly than term life insurance.
About the Author
Bill Walker is a freelance writer. He has written insurance related articles for websites such as Insurance Guide ( http://insurance-guide.netfirms.com ) |
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