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SpinDistribute.com Article Directory

The following article was published in our article directory on August 22, 2013.
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Term Life Insurance or Permanent Life Insurance: What is the Difference?

Article Category: Advice

Author Name: Jim Lee

In life, it seems that there are more things that are uncertain than certain. What does the future hold? Are you going to find happiness? Will you get the job you want? It's hard to be sure of the answers to these questions.

Actually, the only thing that is sure about life is that it will end. The time, place, and manner are unknown. You try your best to prepare yourself. The plan is to meet the end as old and wealthy as possible. However, things don't always go as planned.

It is a grave thought, but you have to think of this for the sake of the people you will leave behind.

Most people are familiar with life insurance. You have probably been offered one. Life insurance is preparation for uncertainty, just like other types of insurance. Life insurance will make sure that the people you care about will be taken care of in case you suddenly meet your end.

There are different types of life insurance. The most basic one is term life insurance. The coverage of term life insurance is set for a certain number of years ranging from one to thirty. This is the least expensive option for young, healthy people. The rates are low and the coverage level is considerably high.

However, you should keep in mind that the premium for term life insurance is fixed based on the policy's length. What this means is if the policy expires, you'll need to pay a higher premium for renewal. This is because you'd be older then, and probably less healthy. This kind of policy doesn't have a cash value of its own. You may call them "pure" insurance products. Interests don't accumulate and you cannot borrow against them. Basically if you don't die, you won't be able to collect.

In contrast to term life insurance, the other types fall under the category of permanent life insurance. The name says it all. It means the policy is valid from the moment you acquire it up to the day your death comes, no matter when it happens. The premium can be fixed or flexible.

Permanent life insurance has a cash value component. The insurance company will invest the money you pay and will accumulate cash reserves in your account. The good thing about this is that you will be taxed for the earnings only after cashing in the policy. Plus, you can borrow from it tax-free. However, premiums are way higher than term life policies and the earnings from investment fluctuate constantly.

Permanent life policies are divided into different types.

First, there is whole life insurance. This is the most basic among permanent life policies. It has a fixed premium and a savings component. With this type of insurance, the money earns cash value. However, policyholders have no control over the investment decisions.

Universal life gives the policyholder the option to switch funds between the savings and insurance component of the policy. The premium rates are flexible.

Variable life allows the policyholder to control the manner of investment. It is called variable because the rate of return on investments would affect the policy's cash value and the final death benefit.

Keywords: indexed universal life insurance, tax free retirement income

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