So you’ve decided that life insurance makes sense for you. Now you face a basic decision: term life insurance or permanent life insurance?
Term life insurance is easier to understand. It can provide a fixed death benefit to your beneficiaries for a specific term, or period of time—typically 10, 15, 20 or 30 years; it’s up to you. During that period, you’ll pay a set premium, which is determined when you buy the policy. And when the term expires, so does the coverage.
That’s where permanent life insurance comes in. This type of life insurance policy, which includes several different kinds of policies, can provide lifelong financial protection. It’s designed to cover you for the rest of your life, and it can include cash value appreciation with tax-deferred growth.
To find out more about the various benefits associated with life insurance, see our videos here
And to learn more about which type of life insurance is right for you, talk to your Midland National representative.