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Should I buy term insurance or permanent insurance

Term or Permanent Life Insurance, which one is better?

Answer to this question is directly linked to the purpose of life insurance that you are buying for. For example If you are buying life insurance to protect a mortgage, so as in the event of untimely death family behind does not have to struggle with mortgage payments then a term policy for the duration of mortgage would be a better option where you can cover the risk with small monthly premium where as if the purpose of life insurance is to pay final expenses, probate taxes, capital gain taxes and other related fees a permanent insurance is better option as you know for sure one day these funds would be required for the intended purpose so permanent policy would pay a lum sum benefit for sure one day when the time comes and will never run out on you even if you live to age of 115.

Term Insurance offers low-cost protection for a temporary period, say 10, 15, 20, 25, 30, 35 years. But the cost rise many fold at renewal. For example a 40 year old male non-smoker can take out $100,000 of term-20 coverage with a monthly premium of $28.42 however, when it comes for renewal premiums jump to $102.45 a month.

This is one side to it however for many applicants who are on limited budgets, term insurance is a good fit: it provides low-cost protection for a fixed period. This can prove to be valuable option to a young couple during their most critical years, when their debt is high and their children are young.

Uses of Term Life Insurance: cover short term risk for responsibilities like mortgage, line of credit, or business loan.

Permanent insurance have higher initial premiums than term policies to begin with, however generally it provides a level cost or paid up options and lifetime financial protection.
For same example 40-year-old male non-smoker can get $100,000 of 20-pay whole life coverage with Empire Life for $77.10 a month. The premiums are obviously much higher, but rather than the plan renewing in 20 years it is then paid up.

Uses of permanent Life Insurance: cover responsibilities like Funeral expenses, legacy to family, Probate taxes, Capital gain taxes and other Estate fees.

Best scenario is combination of both, where a term policy takes care of your short term responsibilities and whole life or universal life in shape of permanent life insurance to cover the cost and expenses that your estate will need to face one day, when ever the time comes.

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