When I speak to people permanent insurance, I often get asked "is this whole life or term?" The truth is when it come to life insurance many people believe that they are the only types of insurance out there. The follow-up is usually either "term is good and whole life is bad right?" or "which one is better?" So today's blog is to answer these questions in reverse because the first one is the longest answer.
"Which one is better"
As I noted in my earlier blogs, each type of insurance was designed to meet a particular purpose. The best way to answer this question is by asking is a pick-up truck better than a 2-seater convertible? Well if I am moving to a new home, then the pick-up, if I want to take a ride down the coast and let the wind blow thru my hair, then the convertible. Which one is better depends on your needs, when you talk with one of our agents we will help you figure it out together.
What is Permanent Insurance?
Permanent life insurance are insurance plans that stay in-force as long as the premiums are paid. The major difference between permanent and term is that even when you pay all you premiums, the term policy ends and you have choices for when it ends, 10yrs, 15yr, 20ys, 25yrs or 30ys. There are many companies and many terms to choose form. Like term, permanent comes in different flavors as well, there is Whole life, Universal life, indexed universal life, and variable universal life and more. Each one is designed for a specific purpose. When you speak with one our knowledgeable agents, we will he you figure which one is better for you.
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