Any form of life insurance provides beneficiaries with an ongoing source of income in the event of the breadwinners passing. Highlighted below are the differences between Permanent Life Policies and Term Life Policies.

Permanent Life Insurance

Coverage Period: Lifetime Coverage
Premiums: Premium amount is set for the lifetime of the insured
Cash Value: Many policies generate a cash value which can be utilized during the lifetime of the insured
Flexibility: Can't be amended if your coverage needs change

Term Life Insurance

Preset coverage period: Typically 10, 15, 20 or 30 years
Premium: Amount is guaranteed for the policy term selected
Cash value: Not Available
Flexibility: When your coverage needs adjust, your coverage amount or term length can too.

Refund Policy