The difference between permanent life insurance and term life insurance is like the difference between buying or renting your home. You can rent a home to meet your temporary needs and if you decide you need it longer, you can usually continue to lease it again, and again, but the rent increases each time you renew the lease – similar to term life insurance. Permanent life insurance is like buying your home. You can keep it for as long you want, with the added potential of building equity.
Buying Whole Life
This product is geared towards the family Man/Woman that understands even if when we are not around in 20 years, we still need to provide a decent lifestyle for those we leave behind. This product is also geared towards those whom enjoy a cash savings when it is needed. Whole Life is great for those who wish to pay there policies up in a fashionable amount of time while still having coverage for life.
Whole life should be considered if you have young dependants, multiple properties or even to take care of final expenses. The 20 pay life option also provides you with the ability to pay your policy in full in 20 years allowing you to have coverage for life with no further payments.
Whole life may cost more in the short-term but it has also been proven to be cheaper in the long-term. If you are looking for short-term products covering temporary loans for instance car-loans or mortgage, contact us today about our Term Life Products.