{"id":37,"date":"2022-06-24T04:00:00","date_gmt":"2022-06-24T10:00:00","guid":{"rendered":"https:\/\/www.tdmins.com\/blog\/?p=37"},"modified":"2022-06-24T10:41:17","modified_gmt":"2022-06-24T16:41:17","slug":"term-life-insurance-vs-permanent-life-insurance","status":"publish","type":"post","link":"https:\/\/www.tdmins.com\/blog\/term-life-insurance-vs-permanent-life-insurance\/","title":{"rendered":"Term Life Insurance vs. Permanent Life Insurance"},"content":{"rendered":"<p><span style=\"color:#000000\">There are two main types of life insurance: term life and permanent life insurance. While the former lasts for a specific amount of time, the latter lasts your entire lifetime.&nbsp;<\/span><\/p>\n<p><span style=\"color:#000000\">So, what&rsquo;s the difference between the two, and which one is better? The answer to the second part of the question depends on many different factors, such as whether you prefer the affordability of term life or the cash value\/lifelong protection that the permanent life option provides.&nbsp;<\/span><\/p>\n<p><span style=\"color:#000000\">T.D. McNeil Insurance Services in&nbsp;Folsom, CA&nbsp; provides this guide in navigating the&nbsp;differences between term life and permanent life insurance. Knowing this information can help you make a well-informed decision for your purchase.<\/span><\/p>\n<h2><span style=\"color:#000000\">Term vs&nbsp;Permanent: What You Need To Know<\/span><\/h2>\n<ul>\n<li><span style=\"color:#000000\"><strong>Premium cost &#8211; <\/strong>Although term life insurance generally costs less than permanent life insurance in the beginning, the cost of term life premiums usually goes up upon each renewal, whereas the coast of permanent life premiums stays the same.&nbsp;<\/span><\/li>\n<li><span style=\"color:#000000\"><strong>Length of coverage &#8211; <\/strong>With term life insurance, you have many options when it comes to coverage length, including 1-, 20-, and 30-year terms. And term life usually offers more flexibility than permanent life. Designed for lifelong protection, permanent insurance, which includes universal life and whole life, is a little less flexible than term insurance.&nbsp;<\/span><\/li>\n<li><span style=\"color:#000000\"><strong>Cash value &#8211; <\/strong>Unlike term life insurance, permanent life insurance comes with a savings component that&rsquo;s referred to as cash value. The longer you pay your premiums, the more the cash value increases. You can either borrow against your permanent insurance policy and use the funds as necessary or you can just cash in. Because term insurance lacks a savings component, it doesn&rsquo;t see cash value growth.&nbsp;<\/span><\/li>\n<li><span style=\"color:#000000\"><strong>Ability to convert &#8211; <\/strong>Term insurance policies can be converted to permanent policies. However, permanent policies cannot be converted.&nbsp;<\/span><\/li>\n<\/ul>\n<p><span style=\"color:#000000\">If you&rsquo;re interested in purchasing life insurance and protecting your loved ones from financial loss and providing them with a comfortable financial cushion, look no further than T.D. McNeil Insurance Services. <\/span><\/p>\n<p><span style=\"color:#000000\">As a family-owned&nbsp;insurance agency, we serve the Folsom, CA area and ensure our services meet our clients&rsquo; specific needs. For a free, no-obligation consultation, give us a call at 916-983-2561, email us at <\/span><a href=\"mailto:info@tdmins.com\"><span style=\"color:#1155cc\"><u>info@tdmins.com<\/u><\/span><\/a><span style=\"color:#000000\">, or<\/span> visit our office.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are two main types of life insurance: term life and permanent life insurance. While the former lasts for a specific amount of time, the latter lasts your entire lifetime.&nbsp; So, what&rsquo;s the difference between the two, and which one is better? The answer to the second part of the question depends on many different [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[13,14],"class_list":["post-37","post","type-post","status-publish","format-standard","hentry","category-life-insurance","tag-folsom-ca","tag-t-d-mcneil-insurance-services"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.tdmins.com\/blog\/wp-json\/wp\/v2\/posts\/37","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tdmins.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tdmins.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tdmins.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tdmins.com\/blog\/wp-json\/wp\/v2\/comments?post=37"}],"version-history":[{"count":1,"href":"https:\/\/www.tdmins.com\/blog\/wp-json\/wp\/v2\/posts\/37\/revisions"}],"predecessor-version":[{"id":38,"href":"https:\/\/www.tdmins.com\/blog\/wp-json\/wp\/v2\/posts\/37\/revisions\/38"}],"wp:attachment":[{"href":"https:\/\/www.tdmins.com\/blog\/wp-json\/wp\/v2\/media?parent=37"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tdmins.com\/blog\/wp-json\/wp\/v2\/categories?post=37"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tdmins.com\/blog\/wp-json\/wp\/v2\/tags?post=37"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}