{"id":10826,"date":"2022-04-01T06:30:00","date_gmt":"2022-04-01T13:30:00","guid":{"rendered":"https:\/\/whitewaterfinancial.ca\/?p=10826"},"modified":"2022-04-01T08:37:59","modified_gmt":"2022-04-01T15:37:59","slug":"permanent-versus-term-life-insurance-what-are-the-differences","status":"publish","type":"post","link":"https:\/\/whitewaterfinancial.ca\/permanent-versus-term-life-insurance-what-are-the-differences\/","title":{"rendered":"Permanent versus Term Life Insurance \u2013 What are the Differences?"},"content":{"rendered":"<div>\n<style type=\"text\/css\">\n@-webkit-keyframes oryCellResizeableAnimate {\n  0% {\n    background-color: hsla(0,0%,100%,.26);\n    top: 45%;\n    bottom: 45%;\n  }<\/p>\n<p>  50% {\n    background-color: hsla(0,0%,100%,.12);\n    top: 0;\n    bottom: 0;\n  }<\/p>\n<p>  to {\n    background-color: hsla(0,0%,100%,.87);\n    top: 45%;\n    bottom: 45%;\n  }\n}\n@keyframes oryCellResizeableAnimate {\n  0% {\n    background-color: hsla(0,0%,100%,.26);\n    top: 45%;\n    bottom: 45%;\n  }<\/p>\n<p>  50% {\n    background-color: hsla(0,0%,100%,.12);\n    top: 0;\n    bottom: 0;\n  }<\/p>\n<p>  to {\n    background-color: hsla(0,0%,100%,.87);\n    top: 45%;\n    bottom: 45%;\n  }\n}\n<\/style>\n<style type=\"text\/css\"><\/style>\n<div class=\"juiced\">\n<div id=\"postToSend-18\">\n<div class=\"ory-row\" style=\"box-sizing: border-box; display: -webkit-box; display: -ms-flexbox; display: flex; -webkit-box-flex: 0; -ms-flex: 0 1 auto; flex: 0 1 auto; -webkit-box-orient: horizontal; -webkit-box-direction: normal; -ms-flex-direction: row; flex-direction: row; -ms-flex-wrap: wrap; flex-wrap: wrap; margin-right: 0; margin-left: 0; position: relative;\">\n<div class=\"ory-cell ory-cell-sm-12\" style=\"position: relative; box-sizing: border-box; -webkit-box-flex: 0; -ms-flex: 0 0 auto; flex: 0 0 auto; padding-right: .5rem; padding-left: .5rem; -ms-flex-preferred-size: 100%; flex-basis: 100%; width: 100%; min-width: 100%;\">\n<div class=\"ory-row ory-cell-inner\" style=\"box-sizing: border-box; display: -webkit-box; display: -ms-flexbox; display: flex; -webkit-box-flex: 0; -ms-flex: 0 1 auto; flex: 0 1 auto; -webkit-box-orient: horizontal; -webkit-box-direction: normal; -ms-flex-direction: row; flex-direction: row; -ms-flex-wrap: wrap; flex-wrap: wrap; margin-right: 0; margin-left: 0; position: relative;\">\n<div class=\"ory-cell ory-cell-sm-12\" style=\"position: relative; box-sizing: border-box; -webkit-box-flex: 0; -ms-flex: 0 0 auto; flex: 0 0 auto; padding-right: .5rem; padding-left: .5rem; -ms-flex-preferred-size: 100%; flex-basis: 100%; width: 100%; min-width: 100%;\">\n<div class=\"ory-cell-inner ory-cell-leaf\">\n<div>\n<h1>Permanent versus Term Life Insurance \u2013 What are the Differences?<\/h1>\n<p>You know you need life insurance \u2013 but you\u2019re not sure which kind is best for you.  We can help you with that decision.<\/p>\n<p> There are two main kinds of life insurance:<\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Permanent, which lasts for your entire life.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Term, which is only good for a set amount of time.<\/p>\n<\/li>\n<\/ul>\n<p>No matter which type of life insurance you buy \u2013 permanent or term \u2013 you can rest easy knowing you\u2019ve provided financial protection for your family.<\/p>\n<p><strong>Permanent life insurance<\/strong><\/p>\n<p>Permanent life insurance is good for your entire life unless you choose to cancel it. It\u2019s an excellent choice to give you peace of mind that you\u2019ll always be covered, even if you develop major health issues later in life.   <\/p>\n<p>There are also benefits to having permanent life insurance beyond guaranteed lifelong coverage:<\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">You can use the policy to build up a cash value \u2013 making it a good choice for low-risk investing.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">You may be able to use your permanent life insurance policy as collateral for a loan, making it a good choice for business owners.<\/p>\n<\/li>\n<\/ul>\n<p>The main drawback to permanent life insurance policies is that the premiums are often more expensive than term life insurance premiums. If, however, you\u2019re thinking long-term and can afford the premiums, permanent life insurance is a great way to ensure you\u2019re always protected and can have some guaranteed money for your estate.<\/p>\n<p><strong>Term life insurance<\/strong><\/p>\n<p>Term life insurance is either valid for a set amount of time (such as five or ten years) or until you reach a set age \u2013 for example, 60. You should generally be able to renew your life insurance at the end of each term, but your premiums may go up.<\/p>\n<p>Term life insurance premiums are cheaper than permanent life insurance premiums \u2013 at least, you are younger and healthier (as the risk of you dying is lower).  Your premiums will increase as you age or develop health issues.<\/p>\n<p>You can\u2019t use term life insurance as collateral for a loan or use the policy to build up a cash value. There are lots of benefits to term life insurance, though \u2013 it\u2019s a good choice for you if you want low premiums, easy-to-understand insurance, and only need it for a set amount of time \u2013 such as while you have a mortgage or young children.<\/p>\n<p><strong>We can help you decide between permanent and term life insurance<\/strong><\/p>\n<p>If you\u2019re not sure what kind of life insurance is best for you, we can help. We\u2019re happy to talk to you to get more information about your insurance needs. We can then discuss what each type of insurance will cost you and which type of insurance we feel is best for you. <\/p>\n<p>Give us a call today! <\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>You know you need life insurance \u2013 but you\u2019re not sure which kind is best for you.  There are two main kinds of life insurance:<br \/>\n\u2022\tPermanent, which lasts for your entire life. Premiums can be more expensive, but you can also use the policy to build up cash value.<br \/>\n\u2022\tTerm, which is only good for a set amount of time. Premiums are less expensive, and you cannot build up cash value \u2013 but coverage is easy to get and understand.<br \/>\nWe can help you determine which type of insurance is best for you and how much it will cost you.<\/p>\n","protected":false},"author":8,"featured_media":10828,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[104,89],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Permanent versus Term Life Insurance \u2013 What are the Differences? - WhiteWater Financial<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/whitewaterfinancial.ca\/permanent-versus-term-life-insurance-what-are-the-differences\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Permanent versus Term Life Insurance \u2013 What are the Differences? - WhiteWater Financial\" \/>\n<meta property=\"og:description\" content=\"You know you need life insurance \u2013 but you\u2019re not sure which kind is best for you. 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