Within the world of Life Insurance there are two main types of life insurance policies: Term and Permanent! Term policies are usually set over a period of time and usually are much more affordable than buying a permanent plan! Term Life Insurance plans are usually used when you are safeguarding against a premature death from situations such as working in a dangerous field/environment, or lack of savings/other sources of family income!But if you choose a Term Life Insurance policy just remember, as long as your payments are up to date during your term, you’ll be just fine!

When you have a Permanent Life insurance policy, you’ll be covered until you pass away—but just like a Term policy you will have to always pay your monthly premium on time or you’ll lose your coverage! Permanent policies are typically used for estate planning and can also used to transfer wealth to beneficiaries, but since these policy payouts are usually pretty large, it inflates the price of premium for Permanent policies more than a Term policy!

Talking about life insurance is never a fun thing to do, especially when you have to think about how much time you have left—but it is a conversation that everyone should have! It can be a crucial element to a financial plan and should be created and set-up when waters are calm and while you are still young! Give your insurance agent a call to see how you can get this done!