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Term insurance vs. Permanent Insurance

There has always been controversy between the merits of term life vs. permanent life insurance. There should be no controversy however, as both types of coverage are usually important to your financial planning.

Term Insurance

Term insurance provides coverage for a temporary need, such as 10 or 20 years. It is typically inexpensive in the short term, but rises in cost as you age. Term life is useful in situations where there are young dependent children to provide for (including basic needs, education, lifestyle preservation) or mortgages or other debts to pay off in the event of a premature death.

This coverage assumes that one day, the need will end. Children grow up, and are no longer dependent on the breadwinner. Debts are paid off. The term insurance is cancelled when the need expires.

Permanent Insurance

Permanent insurance, as the name implies, is for a need that endures. The long-term thinker acknowledges that their final expenses and estate taxes can be quite costly, especially where the person has accumulated significant wealth. Term100 or whole life insurance both suit this purpose.

After your death, you submit what is known as your terminal tax return. It wraps up your whole financial ball of wax and attaches a price tag to it, in the form of capital gains tax. Where there has been no estate planning, heirs are left to pay any capital gains tax owed on your assets. Often, they must liquidate assets in order to pay off this tax, sometimes having to sell an asset that you wanted left in the family for future generations, such as a cottage, in order to do so.

As we know, selling an asset in haste, during potentially poor market conditions, can yield far less than its true value. In the long-term, it is usually more cost effective to cover this future need with permanent insurance, than to be surprised by the eventual tax bill.

Other uses for permanent insurance include leaving endowments to grandchildren, charitable giving, buy/sell agreements, and more.

Whether term or permanent insurance becomes part of your portfolio, or like most people a combination of both, we look forward to making sure that your plan protects your loved ones when they need it most.

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Please Note: Comparisons and quotes are intended for guidance and educational purposes only.
The consumer is urged to seek the advice of independent life insurance advisors.
E.&.O.E. WinQuote™ is a trademark of CompuOffice Software Inc.


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