Term insurance is used for a temporary need like a mortgage or educational funding. Policies may be purchased for 10, 15, 20, even 30 years depending on your financial goals. It is also a very affordable plan therefore if a large amount of insurance is required, Term insurance is an excellent solution.
Permanent life insurance provides lifelong protection and cash value as a savings component within the policy. This is a higher-priced option however you have coverage throughout your lifetime for estate planning purposes, wealth accumulation and/or wealth transfer.
Many individuals determine the best strategy is a combination of Term and Permanent life insurance, covering both short-term needs and long-term goals.