How permanent life insurance is different than term life insurance

While premiums for permanent life insurance may be higher compared to a term life policy, you are paying for the opportunity to accumulate cash value and have a lifetime of coverage.

When the coverage period of a term life policy ends, you could face dramatically increased premiums or be required to go through underwriting. Depending on your term length, you could be 10, 20 or even 30 years older. While you may still be able to get insurance at an older age, it can be much more expensive and at a time in your life when you are living on a reduced or fixed income.

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