{"id":8774,"date":"2023-06-30T11:32:46","date_gmt":"2023-06-30T15:32:46","guid":{"rendered":"https:\/\/iannielloagency.com\/?p=8774"},"modified":"2023-06-30T11:42:24","modified_gmt":"2023-06-30T15:42:24","slug":"difference-between-permanent-or-term-life-insurance","status":"publish","type":"post","link":"https:\/\/iannielloagency.com\/difference-between-permanent-or-term-life-insurance\/","title":{"rendered":"Differences Between a Permanent or Term Life Insurance Policy"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"8774\" class=\"elementor elementor-8774\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4eb100cc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4eb100cc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-78738ec1\" data-id=\"78738ec1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1d4ce39 elementor-widget elementor-widget-text-editor\" data-id=\"1d4ce39\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 30-04-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\tLife Insurance is an important investment that protects your legacy and the people you love. When considering the difference between a permanent or term life insurance policy, there are several factors to consider. Understanding the difference between the two types of policies is the first step to figuring out which plan is right for you.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-985a935 elementor-widget elementor-widget-heading\" data-id=\"985a935\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 30-04-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Duration of Life Insurance Coverage<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9f36d0b elementor-widget elementor-widget-heading\" data-id=\"9f36d0b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Term Life Insurance Policy Duration<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d3162e elementor-widget elementor-widget-text-editor\" data-id=\"3d3162e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tTerm life insurance provides coverage for a specified period. This period typically ranges from 5 to 30 years. If you were to pass away during the term, the policy pays out to your beneficiaries. However, if you outlive the term, the coverage expires, and there is no payout.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-985cd5a elementor-widget elementor-widget-heading\" data-id=\"985cd5a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Permanent Life Insurance Policy Duration<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-32e3fdd elementor-widget elementor-widget-text-editor\" data-id=\"32e3fdd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tPermanent life insurance, as the name suggests, offers lifelong coverage. There is no specific term and the policy remains in effect as long as you pay the premiums. As a result, your beneficiaries are guaranteed to receive the death benefit whenever you pass away, regardless of age.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-75c12c5 elementor-widget elementor-widget-heading\" data-id=\"75c12c5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Essential Difference Between the Duration of a Term Life Insurance and Permanent Life Insurance Policy<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8f471ce elementor-widget elementor-widget-text-editor\" data-id=\"8f471ce\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tTerm life insurance has a predetermined length, whereas Permanent life insurance is a lifetime policy.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-47a904e elementor-widget elementor-widget-heading\" data-id=\"47a904e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Cash Value of the Life Insurance Policy<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f8f5e22 elementor-widget elementor-widget-heading\" data-id=\"f8f5e22\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Term Life Insurance Cash Value<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-039f23f elementor-widget elementor-widget-text-editor\" data-id=\"039f23f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tTerm life insurance policies do not accumulate cash value. They are purely protection plans designed to provide a death benefit to your beneficiaries in case of your untimely death. Once the term of the policy ends, the coverage terminates, and there is no cash value available.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d301b43 elementor-widget elementor-widget-heading\" data-id=\"d301b43\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Permanent Life Insurance Cash Value<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6019e79 elementor-widget elementor-widget-text-editor\" data-id=\"6019e79\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tPermanent life insurance policies have a cash value component that grows over time. A portion of the premium payments go towards building cash value, which accumulates on a tax-deferred basis. You can access this cash value through policy loans or withdrawals, providing a potential source of liquidity for various financial needs.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ecb8072 elementor-widget elementor-widget-heading\" data-id=\"ecb8072\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Essential Difference Between the Cash Value of a Term Life Insurance and Permanent Life Insurance Policy<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6322635 elementor-widget elementor-widget-text-editor\" data-id=\"6322635\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tTerm life insurance offers no accumulating cash value, whereas Permanent life insurance allows you to accumulate cash value.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e9cc725 elementor-widget elementor-widget-heading\" data-id=\"e9cc725\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Life Insurance Policy Premiums<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-172eba2 elementor-widget elementor-widget-heading\" data-id=\"172eba2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Term Life Insurance Premium<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ed89cd8 elementor-widget elementor-widget-text-editor\" data-id=\"ed89cd8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tTerm life insurance generally offers the most affordable premiums compared to permanent life insurance. The premiums are fixed throughout the term and are based on factors such as your age, health, and coverage amount. However, once the term ends, the premiums for a new term can increase significantly due to age and potentially worsened health conditions.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fae9289 elementor-widget elementor-widget-heading\" data-id=\"fae9289\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Permanent Life Insurance Premium<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a844966 elementor-widget elementor-widget-text-editor\" data-id=\"a844966\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tPermanent life insurance premiums are typically higher than term life insurance premiums due to the lifelong coverage and the cash value component. These policies require higher premiums to cover both the death benefit and the cash value growth. However, the premiums for permanent life insurance remain level throughout your lifetime, which provides stability and predictability.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-396282e elementor-widget elementor-widget-heading\" data-id=\"396282e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Essential Difference Between the Policy Premium of a Term Life Insurance and Permanent Life Insurance Policy<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9454ea6 elementor-widget elementor-widget-text-editor\" data-id=\"9454ea6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tTerm life insurance offers lower premiums now with likely high premiums later, whereas Permanent life insurance has higher premiums now with no surprises later.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b63d4ad elementor-widget elementor-widget-heading\" data-id=\"b63d4ad\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Life Insurance Policy Investment Opportunities<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2185afe elementor-widget elementor-widget-heading\" data-id=\"2185afe\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Term Life Insurance Investment Opportunities<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-14c7c04 elementor-widget elementor-widget-text-editor\" data-id=\"14c7c04\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tTerm life insurance policies do not offer any investment or savings opportunities. They focus solely on providing death benefit protection for a specific term. This simplicity makes term life insurance a straightforward choice if you are primarily concerned with providing financial security for your loved ones in the event of your premature death.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-364caed elementor-widget elementor-widget-heading\" data-id=\"364caed\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Permanent Life Insurance Investment Opportunities<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-847a9ad elementor-widget elementor-widget-text-editor\" data-id=\"847a9ad\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tPermanent life insurance policies, particularly whole life and universal life, include an investment component. The cash value portion of the policy can be invested in various options, such as stocks, bonds, or money market funds. This provides you with the potential to accumulate cash value over time, allowing your life insurance policy to serve as both protection and an investment tool.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0d9a4b7 elementor-widget elementor-widget-heading\" data-id=\"0d9a4b7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Essential Difference Between the Investment Opportunities of a Term Life Insurance and Permanent Life Insurance Policy<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cdb8245 elementor-widget elementor-widget-text-editor\" data-id=\"cdb8245\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tTerm life insurance is designed to protect your family and assets in the event of your untimely death, whereas Permanent life insurance offers investment opportunities to gain more from your policy.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eec791e elementor-widget elementor-widget-heading\" data-id=\"eec791e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Choosing Your Life Insurance Plan<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79a489a9 elementor-widget elementor-widget-text-editor\" data-id=\"79a489a9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Choosing between term life insurance and permanent life insurance depends on your circumstances, financial goals, and risk tolerance. Term life insurance provides affordable, temporary coverage, while permanent life insurance offers lifelong protection, cash value accumulation, and potential investment opportunities.<\/p>\n<p>At Ianniello Agency, we can help you navigate the differences to make an informed decision that aligns with your specific needs and provides financial security for you and your loved ones.<a href=\"https:\/\/iannielloagency.com\/contact\/\"> Contact us<\/a> today to get started.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Life Insurance is an important investment that protects your legacy and the people you love. When considering the difference between a permanent or term life insurance policy, there are several factors to consider. <\/p>\n","protected":false},"author":3,"featured_media":8815,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_theme","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Differences Between a Permanent or Term Life Insurance Policy | Ianniello Insurance Agency","_seopress_titles_desc":"Life Insurance is an important investment that protects your legacy and the people you love. When considering the difference between a permanent or term life insurance policy, there are several factors to consider. ","_seopress_robots_index":"","footnotes":""},"categories":[20],"tags":[],"_links":{"self":[{"href":"https:\/\/iannielloagency.com\/wp-json\/wp\/v2\/posts\/8774"}],"collection":[{"href":"https:\/\/iannielloagency.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/iannielloagency.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/iannielloagency.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/iannielloagency.com\/wp-json\/wp\/v2\/comments?post=8774"}],"version-history":[{"count":0,"href":"https:\/\/iannielloagency.com\/wp-json\/wp\/v2\/posts\/8774\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/iannielloagency.com\/wp-json\/wp\/v2\/media\/8815"}],"wp:attachment":[{"href":"https:\/\/iannielloagency.com\/wp-json\/wp\/v2\/media?parent=8774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/iannielloagency.com\/wp-json\/wp\/v2\/categories?post=8774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/iannielloagency.com\/wp-json\/wp\/v2\/tags?post=8774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}