Advantages of Term

Lower cost protection in early years

• Customized for coverage to last for a specific number of years

• The option to exchange the policy for permanent coverage without having to show evidence of good health

Advantages of Permanent
Lower cost in later years

• Permanent protection

• Level premiums

• Accumulation of cash for emergencies, college education, retirement supplement

• Tax-free income distribution

• Tax-deferred wealth accumulation

• Flexibility

• Coverage without paying premiums by using various options

Disadvantages of Term

• Higher cost protection in later years

• Increasing premiums

• No equity or cash value savings

• Failure to pay premiums ends coverage