What is the difference between term and permanent life insurance?

Term and permanent life insurance are two types of life insurance policies. Term life insurance provides coverage for a specified period of time, generally between 10 to 30 years. It is typically cheaper than permanent life insurance and provides financial protection to family members, encompassing bills, mortgages, and other debts. On the other hand, permanent life insurance is designed to provide financial security and stability for a lifetime. It not only covers death benefits, but also provides a cash value component which can be accessed for retirement, long-term care, or other financial needs. The primary distinction between term and permanent life insurance is that term life insurance is temporary, while permanent life insurance is intended to last for a lifetime. Term life insurance can also be converted to permanent insurance while still providing access to the death benefit. It is important to note that both types of insurance are regulated and overseen by the Maryland Insurance Administration, which ensures that consumers are getting the coverage and protection they need and deserve.

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What is the difference between term and permanent life insurance?

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