Term vs. Permanent Life Insurance
Do I Need Term or Permanent Life Insurance?
Our Insurance Representatives can help you choose the most appropriate policy, but here are some key basics for you to consider:
You Should Consider Term Life If You:
- Need short-term protection (fewer than 10 years)
- Want to keep your initial premiums low
- Only want to cover funeral expenses and provide money for the family to continue its normal lifestyle
- Are not concerned about periodically re-qualifying based on your health
- Are only trying to insure for a fixed period of time (length of your mortgage or until your kids are grown)
You Should Consider Permanent Life If You...
- Need long-term protection (10 years or more)
- Want to keep premiums consistent over the years
- Want to build cash value to save for a major expense (buying a house, paying for college, retirement, etc.)
- Want to borrow on the cash value or use it as collateral
- Have concerns about re-qualifying based on your health
For help in deciding what type of insurance best meets your goals and objectives, our Financial Advisors have the know-how to help you navigate the world of insurance. Call us today at (800)392-3009 to schedule an appointment with a Financial Advisor or visit a People's United branch and ask to see one of our life insurance licensed employees.