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Term Life Insurance vs Permanent Life Insurance?

There is never a one size fits all answer to this question, because one option could be better than the other depending on a number of circumstantial questions.

Term life insurance is a great option for people when they cannot afford to purchase all permanent life insurance or when they only need coverage for a specific period of time. Term life insurance provides the benefit of a guaranteed payout benefit, but it has no cash value. A permanent life insurance policy on the other hand has cash value that can be invested, transferred, or potentially cashed out. A term life insurance on the other hand, only carries benefit during the term. Once the term expires, the policy must be renewed or all benefits are lost.

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