While there are many decisions you will have to make when assessing your life insurance needs, one of the most basic is whether you need permanent insurance or term insurance.

A simple way to understand the differences between these two types of life insurance is by comparing them to something familiar to all of us — finding a place to live.

Tailoring life insurance to fit your needs is like finding a place to live. Once you find the right home, you need to choose how to pay for it.

Buying permanent life insurance is like owning a home, while buying term insurance is like renting one.

There are advantages and disadvantages to both . . .

Permanent Life Insurance
Like owning property, owning permanent life insurance is usually an appropriate way for people to meet long-term needs.

Term Life Insurance
Term insurance is generally the least expensive and least complicated type of life insurance. It provides insurance protection at a low cost for a specified period of time.

Term vs. Permanent Life Insurance
Permanent life insurance is distinguished from term insurance in several ways.

Life Insurance Glossary
Insurance Terms