Life insurance is commonly used to:
In addition to meeting your personal planning needs, life insurance can also play a large role in addressing business risk management and succession planning.
The best way to compare Term vs Permanent insurance is like renting or owning a home. Having a Term policy is like renting. You pay premiums for the term of the policy, which then it may expire or you can renew for another term. Ie. Term 10 (ten years), 20 (twenty years). There is no cash value attached to the policy. The death benefit is paid to beneficiaries if a person dies within the term.
Permanent Insurance is like owning a home whereby you have cash value in the policy. Permanent Insurance could be available for life until death or is it is surrendered for cash value. Beneficiaries are paid the death benefit when one passes away.
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