Permanent Life Insurance

Like the name, this type of life insurance is designed to be there throughout your life in case of an unexpected death. You can expect the premiums and the payout to remain steady. They provide you with lifetime protection, and there may be a cash build-up. The most common types of permanent life insurance are whole life, universal, and universal variable.

Term Life Insurance

Some expenses only last for a set period of time. These can include a business loan, a mortgage, or the cost of college for your child. Term life insurance protects you for 10, 15, 20, or 30 years during these periods. You can expect the premium to be less than permanent life insurance and remain consistent throughout the period you're covered.