Which one is better: Term life insurance or permanent?

[Augusta]

This is one question that has been debated for a while now. life insurance comes with two known policies which is the term life insurance and the permanent insurance. To know which is better is to know what each have as features.


Term type of life insurance policy is one that gives coverage to an insured for a certain period of time or for a specified number of years. If the insured dies during the time that this policy is active the death benefit will be paid. While for permanent it is certain the policy will be in force for the insured's entire lifetime as long as premiums are paid to the maturity date.

Looking at the two definition and then features therein term insurance will be the more preferred choice. To a large extent the policy gives a lot more significant benefits. As you would be given the opportunity of a lower price to be paid than for permanent insurance amout.

Again, term life insurance is better as some of the expenses are not permanent like mortgage balance, young children tuition fees. of course it is clear that getting the most amount of coverage in the most significant time when a family is still young is the most thing to do.

 

[Learners Quest]

There is no one definitive answer to this question as it depends on each person's individual circumstances. Some factors to consider include your age, health, financial situation, and goals. If you are young and healthy, term life insurance may be a better option as it is typically less expensive than permanent life insurance . If you are older or have health issues, permanent life insurance may be a better option as it provides coverage for your entire life. Ultimately, it is important to speak with a financial advisor to determine which type of life insurance is best for you .