What is the difference between term and permanent life insurance?

Term life insurance is a type of life insurance policy that provides coverage over a predetermined period of time, such as 10 or 20 years. If the insured dies during the term of the policy, the beneficiary will receive the death benefit. This type of policy is often used to provide financial security for a family for a certain period of time. Permanent life insurance, on the other hand, is designed to provide coverage for an entire lifetime. In contrast to term life insurance, permanent life insurance provides a death benefit regardless of when the insured dies. Additionally, permanent life insurance may include other features such as a cash value component that can be used to defer taxes, generate income, or accumulate wealth over time. In Florida, both term and permanent life insurance policies are regulated by the Florida Office of Insurance Regulation. There are a variety of policies available from different providers, so it is important for consumers to understand the differences between them and make sure they choose the policy that is best suited to their particular needs.

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What is the difference between term and permanent life insurance?

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