What’s the Difference Between Term and Permanent Life Insurance?

Life insurance can be a tremendous boon to your financial portfolio. Life benefits provide a financial buffer to keep your family going in the event of your untimely demise. At AmPro Insurance LLC in Colorado Spring, CO, we offer a variety of life insurance policies to meet your needs. By learning more about your life insurance options, you can choose the one that’s right for you.     

Term Life vs Permanent Life Insurance

Life policies are basically divided into two categories – term life and permanent life. Here’s the difference between the two:

Term Life

Term life insurance provides your family with basic financial protection in the form of death benefits upon your demise. It’s the most affordable type of life insurance for young, healthy adults as the premium is set for the duration of your policy.

Term life insurance is bought for a specific amount of time, such as 5, 10, 20 or 30 years. If you pass on during the term of your policy, your beneficiaries will receive the benefits specified on your policy. If you live past the term on your policy, you’ll have to purchase a new one if you want to continue receiving coverage.

Permanent Life

Permanent life differs from term life insurance in that it covers you for life, provided you keep up with premium payments. It also accrues cash value along with providing death benefits upon your demise.

Within the permanent life insurance category, there are numerous policies you can choose from to include whole life, universal life and variable universal life. Each of these comes with different benefits so you can pick and choose the coverage you need.  

To learn more about life insurance or to buy a life policy that provides the unique protection your family needs, contact AmPro Insurance LLC in Colorado Spring, CO.