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An introduction to Auto Insurances
Auto insurance is mandatory in most states. The law mandates to have auto insurance on any vehicle you drive. And nowadays getting auto insurance is not a big deal at all. There are numerous insurance companies available today offering auto...
Buying Life Insurance online - is it a really good idea?
The advent of the internet has opened up the possibility of cheaper life insurance for all.
In years gone by, if you were considering life insurance you would probably have invited an insurance salesman from your favourite insurance company to...
Dental insurance
Dental insurance may be less effective than dental plans, but it is usually offered free. Don't wait until you already have problems with your teeth to get dental insurance! Instead, you should get dental insurance as soon as you can. One reason...
Disability Insurance for the Long Term
Disability insurance covers you for an extended period of time. Should you be injured or take ill and as a result be unable to perform the duties of your employment, you will be covered under short term disability, then long term disability...
Tales from the Corporate Frontlines: The Worth of Health Insurance
This article relates to the Compensation and Benefits Competency, commonly evaluated in employee satisfaction surveys. The questions included in this competency will help your organization determine whether your employees feel they are fairly paid...
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Term Life Insurance and Permanent Life Insurance
Term insurance and permanent insurance are two basic types of life insurance. Term life insurance is temporary, and it covers only a specific period of time called the relevant term. Permanent life insurance is the type of insurance where the policy is for the life of the insured and the payout is assured at the end of the policy. Term life insurance builds on cash value while permanent life insurance accrues cash value.
Now let's look at the pros and cons for term life insurance and permanent life insurance.
Term insurance has two advantages. First, its initial premiums are usually lower than the initial premiums of permanent insurance. Secondly, term insurance is better for covering needs such as loans or mortgages, which will disappear in time.
There are a few disadvantages in term life insurance: Coverage might become too expensive to keep or terminate at the end of the term. Also, the premiums increase with ages. Besides, paid-up insurance and cash value are usually not offered.
The
advantages of permanent insurance are as follow: You get a guaranteed protection for life as long as you have paid the premiums. Secondly, a cash value is accumulated with the policy and you can borrow from it. Thirdly, you can choose to set the premium costs whether fixed or flexible depending on your needs. Besides, a permanent insurance policy's cash value can be surrendered for cash value. In addition, you can add a provision to the policy for the option of purchasing additional insurance without having to providing evidence of insurability.
There are a couple of disadvantages in permanent life insurance. First of all, the required premium levels might make buying enough protection harder. Also, if not kept long enough, permanent life insurance might be more costly than term life insurance.
About the Author
Bill Walker is a freelance writer. He has written insurance related articles for websites such as Insurance Guide ( http://insurance-guide.netfirms.com )
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