No matter what kind of life insurance you have, its purpose is to protect the financial future of your family or business upon your death. But, how do you know whether a term or permanent policy is right for you?
Term Life Insurance provides protection for a set period of time. It is typically the least expensive type of life insurance because when the time period is up, the coverage expires.
Permanent Life Insurance (also called whole life insurance) provides guaranteed1 protection for your entire lifetime. It also gains cash value you can borrow against to cover financial needs while you’re living.
Both term and permanent life insurance have their advantages during the various stages of your life. Your local agent can help you understand the options and select the option that fits your needs.
1 The guarantees expressed in this article are based on the claims-paying ability of Farm Bureau Life Insurance Company.
2 Neither the Company nor its agents give tax, accounting or legal advice. Please consult your professional advisor in these areas.