Social Media Preheader Home Page Get a Quote Refer A Friend Schedule an Appointment Claims Facebook Twitter LinkedIn Instagram Youtube
  • Home
  • Get A Quote
    • Annuities
    • AutomobileImage of right arrow
      • Auto Insurance Quote
      • Mexico Travel Insurance Quote
    • Bonds
    • Business & CommercialImage of right arrow
      • Builders Risk
      • Business Owners (BOP) Quote Form
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
      • Liquor Liability Quote Form
      • Workers Compensation Quote
    • Dental
    • Farm
    • Flood
    • HealthImage of right arrow
      • Disability Insurance Quote
      • Health Insurance Quote
      • Long Term Care Insurance Quote
    • HomeownersImage of right arrow
      • Homeowner Flood Quote Form
      • Homeowners Insurance Quote
      • Manufactured Home Quote
    • LifeImage of right arrow
      • Life Insurance Quote
      • Term Life Insurance Quote
    • Motorcycle
    • Recreational Vehicle
    • Renters
    • Trucking
    • Vision
    • Watercraft & Boat
    • Windstrom
  • Customer Service
    • AutomobileImage of right arrow
      • Add Driver to Existing Auto Policy
      • Add Vehicle to Existing Auto Policy
      • Remove Driver from Existing Auto Policy
      • Remove Vehicle from Existing Auto Policy
      • Request Declaration and Coverages Page for Auto Policy
      • Request ID Card for Auto Policy
      • Send Declaration and Coverages Information to Lien Holder
    • Business & CommercialImage of right arrow
      • Add Driver to Existing Commercial Auto Policy
      • Add Vehicle to Existing Commercial Auto Policy
      • Remove Driver from Existing Commercial Auto Policy
      • Remove Vehicle from Existing Commercial Auto Policy
      • Request Declaration and Coverages Page for Commercial Auto Policy
      • Request General Liability Certificate of Insurance
      • Request ID Card for Commercial Auto Policy
    • Flood
    • Health
    • HomeownersImage of right arrow
      • Request Declaration and Coverages for Existing Homeowners Insurance Coverage
      • Request Evidence of Insurance
    • Life
    • MotorcycleImage of right arrow
      • Add Driver to Existing Motorcycle Policy
      • Add Motorcycle to Existing Policy
      • Remove Driver from Existing Motorcycle Policy
      • Remove Motorcycle from Existing Policy
      • Request Declaration and Coverages Page for Motorcycle Policy
      • Request ID Card for Motorcycle Policy
    • Other
    • Recreational VehicleImage of right arrow
      • Add Driver to Existing Recreational Vehicle Policy
      • Add Recreational Vehicle to Existing Policy
      • Remove Driver from Existing Recreational Vehicle Policy
      • Remove Recreational Vehicle from Existing Policy
      • Request Declaration and Coverages Page for Recreational Vehicle Policy
      • Request ID Card for Recreational Vehicle Policy
    • Renters
    • Watercraft & BoatImage of right arrow
      • Add Watercraft to Existing Policy
      • Request Declaration and Coverages Page for Watercraft Policy
      • Request ID Card for Watercraft Policy
    • Windstorm
  • Blog
  • Make A Payment
  • Resources
    • Secure File Area
    • Refer a Friend
    • Important Links
    • Calculators
    • Free Reports
    • Insurance Glossary
    • News Center
  • About Us
    • About Parkway Insurance Group, Inc.
    • Location Map
    • Employee Directory
    • Customer Testimonials
    • Privacy Policy
    • Community Outreach
  • Contact
    • Contact Us
    • Join Our Newsletter
Postheader Auto Insurance Home Insurance Business Insurance Life & Health Insurance
Home > Blog > Term life insurance or permanent?
FRIDAY, SEPTEMBER 30, 2016

Term life insurance or permanent?

When it comes to life insurance, most buyers simply pick a number for the desired death benefit and go through the motions of the application process. There isn’t much thought as to the amount or type of insurance best fits the bill.

Term insurance is the most popular type of life insurance bought in the US today. Term refers to life insurance that is in force for a particular period of time, for an agreed upon premium. Annual renewable term allows the insured to maintain the policy for as long as the contract states as long as the annual premium is paid. Level premium term is coverage that lasts for a specified period for a specified premium. Most common are 10, 20 and 30 year term coverage.

For many insurance needs, term insurance is the best way to go. The premiums are generally small compared to the death benefit, and affordable to businesses and families. There are a few precautionary measures to consider, however.

You need to ask yourself about the likelihood that you’ll want coverage after the selected term period expires. Most annual renewable and level premium term contracts do have extending language built into the contract, but in many cases the premiums skyrocket and can suddenly become unaffordable for the insured after the original term has passed. Also, see if the policy has conversion language to a permanent type of policy where you could maintain the coverage for your entire life if desired.

Permanent insurance includes whole life, universal life and variable life insurance. The cost of permanent life insurance is initially much higher than term coverage. Agents claim that over your entire life, the huge up-front costs turn out to actually provide the lowest total cost of coverage.

Read More: Source

Posted 5:52 PM

Tags: life, insurance, term, permanent
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2022
  • 2017
  • 2016

  • insurance(68)
  • tips(29)
  • home(20)
  • auto(19)
  • safety(17)
  • life(16)
  • homeowner(11)
  • holiday(8)
  • car(7)
  • house(7)
  • homeowners(6)
  • flood(6)
  • rates(5)
  • family(4)
  • claims(4)
  • health(4)
  • business(3)
  • money(3)
  • long-term(3)
  • mistakes(3)
  • halloween(3)
  • new year(2)
  • disability(2)
  • commercial(2)
  • accident(2)
  • april(2)
  • thanksgiving(2)
  • claim(2)
  • save(2)
  • long-term care(2)
  • value(2)
  • dog(2)
  • funny(2)
  • women(1)
  • labor day(1)
  • permanent(1)
  • college(1)
  • financial(1)
  • retirement(1)
  • texas(1)
  • valentine(1)
  • traffic(1)
  • inventory(1)
  • refresher(1)
  • employee(1)
  • 4th of july(1)
  • school(1)
  • child(1)
  • teen(1)
  • student(1)

View Mobile Version
Fill out the form below or call/email us at
(281) 558-1991 | info@parkwayinsurancegroup.com


Who We Are >
We are a leading provider in insurance and services in the insurance industry. Priding ourselves on providing the best customer experience possible while also giving you the lowest rates. We have relationships with dozens of insurance companies, allowing you to get the right price with the right service.

Read More
Read Our Blog >
ASI Lloyd's
Progressive
Mercury
UPC Insurance
American General
Blue Cross Blue Shield
Universal American
Customer Testimonials >

Read More
 
  Who We Are
Insurance Carriers
Meet Our Staff
Customer Testimonials
  Auto Insurance
Life Insurance
Home Insurance
Health Insurance
Business Insurance
Other Insurance
  955 Dairy Ashford Rd. Ste 203 
Houston, Texas  77079
P: (281) 558-1991 | F: 281-558-1998
info@parkwayinsurancegroup.com
 
©Parkway Insurance, All Rights Reserved - Terms & Privacy Policy Powered by Insurance Website Builder