If you’re thinking about taking out a
life insurance policy, there are two main options to consider: term and permanent. Term life is temporary and lasts for a set number of years—like 10, 20, or 30. It’s simpler and less expensive. If you only need coverage when the kids are growing up, or while you’re paying off the house, term life probably makes the most sense for you. Permanent life insurance is more expensive, and a bit more complicated, but it lasts your whole life. It also has cash value, which grows
over time like a savings account. You can withdraw that money, borrow against it, or even end your coverage and cash in the policy altogether. Permanent coverage might be right for you if you have a lifelong financial dependent… …if your heirs will owe estate taxes, or if you want to spend your retirement money and still leave funds for any final expenses. Whether you choose term or permanent
life insurance, you’re helping set your dependents up for the future. To learn more about how much life insurance you need, click the link in the description.