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Term life insurance
Permanent life insurance
How long does it last?
You buy term life insurance for a set length of time. When your term ends, in most cases your coverage can renew automatically, or you can convert to permanent insurance without answering more health questions.
As long as your premiums are paid, you have guaranteed lifetime insurance protection. Your coverage might be affected if you change your policy or make a withdrawal.
Initially lower than permanent life insurance but typically goes up each time your policy renews.
It can be more because you’re paying for lifetime coverage, but you have more options to increase your death benefit.
The person (or people) you choose receives tax-free money when you die. They can use it however they want – for example, to help pay down debt, take care of the mortgage or send their kids to school.
- The person (or people) you choose receives tax-free money when you die and can use it however they want.
- It can build cash value over time. You have guaranteed access to these funds while you’re alive and can use them however you want.
- You can withdraw money from your policy, although the payout when you die will be less.
| || Learn more about term life insurance || |
Learn more about permanent life insurance