VIDEO: The Difference Between Term Life Insurance and Permanent Life Insurance

 

When sitting down with clients to discuss their financial needs and goals, the discussion of life insurance often pops up. When I ask some basic followup questions, I find there’s a lot of misinformation out there. Let’s say you are considering purchasing life insurance to protect you and your family from the unexpected. What do you do next? Which type of policy works best for your budget? How much insurance should coverage should you apply for?

It’s no secret that life insurance can provide a much-needed financial safety net for your dependents if you are not around to do so. Mortgages, funeral costs, debts, income replacement – the list of costs can go on and on. But when you’re deciding on a new policy, do you want PERMANENT life insurance, or TERM life insurance? Let’s outline some differences

 

With term and permanent life insurance, please keep in mind that the death benefit guarantee is based on the claims paying ability of the insurance company.

This video is for educational purposes only and should not be construed as legal or tax advice. One should. consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to the claims paying ability of the issuing company. Variable insurance and annuity product are considered securities products and require one to have proper FINRA registrations, in addition to proper state insurance licensing, prior to selling or discussing such products.