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What is the difference between a 'TERM' and 'PERMANENT' insurance policy ?
November 17, 2021 | Posted by: Jatinderbir Singh Bajwa
The primary difference between 'Term Insurance' and 'Permanent Insurance' is the fact that term polices have no cash value and provide temporary protection which in most cases will expire before the age of 85. Permanent policies can accumulate cash value and will provide coverage for life. There are many different ways you can structure your policy, a 'Whole Life' policy gives you limited investment options and dividends that are based on the performance of the insurance company. 'Universal Life'offers a wide range of investment choices such as 'GIC'S' 'Bond Funds' and 'Mutual Funds'. Both types provide for customised premium payment options.