How Life Insurance Is Typically Used:

• For any immediate needs at the time of death, such as final illness expenses, burial costs and estate taxes

• For funds for a readjustment period, to finance a move, or to provide time for family members to find a job

• For ongoing financial needs, such as monthly bills and expenses, day-care costs, college tuition or retirement

The Difference Between Term Insurance and Permanent Insurance

Term insurance provides coverage for a specific period of time. It pays a benefit only if you die during the term. Some term insurance policies can be renewed when you reach the end of the specific period. Others give you the ability to reenter. The premium rates increase at each renewal date or each reentry. Many policies require that evidence of insurability be furnished at reentry for you to qualify for the lowest available rates.

Initially, premiums are generally lower than those for permanent insurance, allowing you to buy higher levels of coverage at a younger age, when the need is often the greatest.

Permanent insurance is designed to be a lifelong policy and is known by a variety of names. As long as you pay the necessary premiums, the death benefit always will be there. These policies are designed and priced for you to keep over a long period of time.

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