There are many kinds of life insurance, but they generally fall into two main categories: term insurance and permanent insurance.
Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or until a particular debt is paid off, such as your mortgage.
In contrast, permanent insurance provides lifelong protection because your need for life insurance rarely goes away. You will always have a desire to secure your family's future, whether the security is provided by income replacement or wealth transfer. Permanent life insurance will give your family the protection it needs.
It is impossible to say which type of life insurance is better because the kind of coverage that is right for you depends on your unique circumstances and financial goals.
But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with us.
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