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

Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the “term”) and generally pays a benefit only if you die during the term. 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 also accumulates cash value and is priced for you to keep over a long period of time.

Remember, life insurance is not for those who die, it’s for those who live. 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. Quite often a combination of term and permanent insurance is the best option.

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. If you love someone and want to provide for them after you have passed, contact us to discuss your life insurance options today or simply complete a life insurance quote form and we will follow up with you.