We are not an insurance company, but we partner with some of the best insurance carriers in the business to deliver you the best term life insurance rates.

Which Type of Coverage Should You Choose?

Life insurance policies come in two basic types: term life and permanent life. Learn more about the difference between the two to help you decide on a viable solution.

Permanent Coverage Considerations

If you are undecided about what type of plan is right for you, the good news is you can use our site for quotes on the best types of plans available. There are two main differences between permanent and term life insurance policies. For one, permanent plans offer a lifetime of protection with premiums that never increase. So, though you might get lower rates with a temporary product initially, a permanent plan might be cheaper in the long-run. Secondly, these plans accrue cash value over time, so your beneficiaries will receive a death benefit plus the cash value of the policy. You can also borrow against or withdraw from this cash value to help you meet your financial goals. In general, this type of plan will receive more tax breaks than a temporary counterpart. If you have any more questions please visit our FAQ page.

A Solution For as Long as You Live

Before you shop for the cheapest rates available (usually a temporary option), you want to make sure that a permanent solution isn’t the better option for you. It is ideal for people who:

  1. Need insurance protection as long as they live
  2. Would like the favorable tax treatment of a permanent policy
  3. Would like to accumulate funds to pay for retirement, education, or other goals
  4. People who can afford slightly higher premiums in the short-run
  5. Need a lifetime of insurance protection
  6. Would like the favorable tax treatment
  7. Would like to accumulate cash value to pay for retirement, education, or other goals
  8. People who can afford slightly higher premiums in the short-run

Pros & Cons of Permanent Life

In deciding which type of plan to go with, consider these pros and cons of these types of policies:

  1. They are more affordable in the long-run because premiums remain the same
  2. Access your accrued funds when you need it for withdrawals or loans
  3. Get tax-favored treatment of your yields and loans
  4. Even if you cancel the policy, the accrued gains are yours to keep
  5. Initially more expensive than temporary products
  6. Loans and withdrawals will reduce the amount of the death benefit
  7. If the agreement lapses, is canceled, or surrendered, you might have to pay taxes on what you have earned
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We'll explain what term life is and who makes a good candidate for it. Before you shop for the best term life insurance rates, you want to make sure that a permanent life policy isn't the better option for you.

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