|
Term Life |
Cash-Value Life |
Benefits |
Typically lower premiums
Lock in premiums for set time period
Can be converted to cash-value
policy
|
Tax-deferred interest
Can be withdrawn or borrowed against
Coverage for
life regardless of age or change in health
|
Drawbacks |
Coverage terminates at the end of the term unless you renew
Premiums can increase when you renew
Can be
expensive in later years of if health problems develop
|
Higher premiums may make it difficult to buy
enough coverage
Additional fees or charges may apply to loans or withdrawals
|
Who should consider |
A good choice if you're looking for maximum coverage for
a specific period of time for the lowest cost |
May be appropriate if you would like permanent coverage and a tax
-favored way to save |
Learn More About Life
Insurance |
