If you’ve decided that life insurance makes sense for you, now you face a fundamental decision: Should you choose term or permanent life insurance?
Term life insurance can be easier to understand. This can provide a fixed death benefit to your beneficiaries for a specific term, or period of time — typically 10, 15, 20 or 30 years. During each term, you pay a set premium that is determined when you buy the policy. When the term expires, so does the coverage.
That’s where permanent life insurance comes in. This type of life insurance policy is more complex and may help cover you for the rest of your life. Permanent life insurance includes several different kinds of policies and can provide lifelong financial protection. It may also include cash value appreciation with tax-deferred growth.
Watch our videos to find out more about the various benefits associated with life insurance. To discuss whether term or permanent life insurance may be right for you, contact your Midland National representative.
Even stay-at-home parents may need a life insurance policy to help protect their families. Life insurance may help cover the costs of child care, cleaning, and cooking that the stay-at-home parent contributes. Find out more on the Midland National blog.