Which One Is Better: Term Life Insurance or Permanent?
This question has been debated for as long as life insurance been around. For most, term life insurance will be the preferred choice because it offers the most significant benefit amount for the lowest price. Furthermore, since most expenses aren’t permanent (mortgage balance, young children), getting the most amount of coverage in the most crucial period when the family is young is a sensible option.
That said, there are a few cases for a permanent policy which can be best used for estate planning or when you buy a small final expense policy.