There are two basic types of life insurance to plan for life’s needs and goals, term life and permanent life. An easy way to understand the difference is to look at the names themselves. Term is a time-based solution similar to “renting” – as it runs out on a given date. Permanent is a lifetime solution similar to “owning” – as it stays with you, grows in value and can used throughout your life.
Guaranteed Term 10-15-20 is a term life insurance policy designed to provide you with peace of mind by providing a guaranteed death benefit, affordable premiums guaranteed to stay level for 10, 15 or 20 years and flexibility to convert all or part of your term policy to permanent life insurance* without underwriting
Permanent life insurance products are designed to provide protection while building cash value. Borrowing from the cash value gives you the opportunity to help meet future goals. When permanent life insurance is the central part of a sound financial plan, it provides protection plus cash value that can help people do more throughout their lives. Read below to learn more about these possibilities of permanent life insurance.
Refer to the chart below for more information on the differences between Term and Permanent life insurance.
*Accessible through loans and withdrawals, certain limitations may apply to loans or withdrawals. Policy loans and withdrawals will reduce the benefit and cash values and may be taxable under certain circumstances.