I will list down the difference here so that you can compare and make the decision yourself.
1. Coverage-Term life: security for a certain term or time
Permanent: whole life
2. Permanent has tax deferred cash value, term life no tax deferred cash value
3. Permanent: higher premiums, term life: lower premiums but increase as time goes by
Which to choose depends on whether you want security permanently or for a term only
To me, there is no winner between term life insurance and whole life insurance so the best thing to do is to combine both of the term life insurance and whole life insurance.
To provide the build of insurance coverage during the years which you will be working, choose a term life insurance policy which is smaller then your estimated needs.
Next, choose a whole life insurance policy with lower face value for coverage over your whole life time.
There are more information available at http://www.insurancecentreonline.com/life-insurance-quotes.html . They offer free quotes services tooAny advise on life insurance?
Term insurance is basically temporary insurance. It's for a specific amount of time, but it offers higher coverage for a lower premium. Sometimes you can convert it after the specified period that it is in force %26amp; you can select a return of premium rider. But, 95% of people who have term insurance policies, do not use them. They only pay out 5% of the time.
Whole life (permanent) lasts for the rest of your life. It usually costs more, but it is great to have because it lasts the rest of your life. The premium just depends on your health condition and your age. If you have bad health, please contact Western Southern. We can insure ANYONE unless they have AIDS/HIV or are confined in a hospital bed.
www.westernsouthernlife.com
Maybe you can check it here
http://allinlifeinsurance.blogspot.com/
there's so much information
If you wish to take your money and fill your agents pockets with it, then sign up for permanent insurance, where you will pay more yearly, even though the amount will never change, or you can use term insurance, invest some of the difference between what you would have tossed away with permanent, and have something left over.
It depends on your personal situation, and your goals for your life insurance policy as to which is good for you.
Term life insurance provides temporary protection for a specific period of time, from 1-30 years. If you outlive the policy term, the coverage expires. It builds no cash value, it is pure protection. Term life usually costs 2-3 times less than permanent life insurance.
Permanent life insurance provides lifetime coverage as long as you pay the premiums. Permanent life insurance builds cash value within the policy.
If you are young and need the most protection at the lowest price, you may want to consider term life insurance.
If you need lifetime coverage, and can afford to pay more, permanent life insurance may be something to consider.
They both have pros and cons, too many to list. Make sure you sit down with a FULL-TIME insurance professional who works for a highly rated company. Check AMbest.com for ratings.
Anyone that comes on and answers that one is better than the other is NOT a professional as they don't know your situation, goals and needs.
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