Term Vs. Perm Life Insurnace

Plan For The Future

A recent study conducted by ConsumerAffairs in 02/2022 found that nearly a quarter of US adults are without Life Insurance. This has become a topic of discussion especially since the Covid pandemic.

In the Insurance world, we are continually searching for ways to help our clients live day to day feeling their possessions are safe and secure. In my life, my family is my most valuable and important aspect so I have taken measures to ensure they are protected if something were to happen to me. I would love to share the value of Life Insurance for your family and to go over the options available to you.

Term Vs. Perm

Often, I am asked about the difference between Term and Permanent Life Insurance. Here are some basic facts to guide your decision:

Term

• Provides affordable coverage for a set period of time
• Greatest amount of coverage at the lowest initial cost
• Premiums that stay constant for a set amount of time (usually 10, 20, or 30 years)
• Temporary coverage for your personal/business needs
• Renewable/convertible to Permanent coverage

Permanent

• Covers long-term needs like income for family, inheritance for children, or end of life expenses
• Premiums generally do not increase
• Costs more initially but can accumulate cash value
• Includes Whole Life and Universal Life
  • Whole Life
    • Good for young adults just starting out
    • Perfect for families needing protection while saving for the future
    • Cash value accumulates at a guaranteed interest rate
  • Universal Life
    • Flexible coverage
    • Tailors coverage to personal needs

I would love to meet with you to go over the options and to discus which option is the best fit for your family. Sometimes this could be a combination of both Term and Permanent Life Insurance.

At Mark Olsen Insurance, when you bundle your new Life Insurance policy with your auto or home, you can be eligible for several discounts!

Call our office to talk to someone about investing in Life Insurance today!

Blessings,
Mark

Study:

ConsumerAffairs Research Team. “What Would Happen to Your Family if You Died?” ConsumerAffairs, 02/2022, https://www.consumeraffairs.com/insurance/what-would-happen-to-your-family-if-you-died.html.