Term Life Insurance

Term Life Insurance vs Permanent Life Insurance: What Kind of Life Insurance Fits My Needs?


What Kind of Life Insurance Fits My Needs?

Term Life Insurance vs Permanent Life Insurance

You have more than one option when it comes to choosing a life insurance policy-Term Insurance and Permanent Insurance. Determining which type of life insurance policy is the best option for you depends on your individual circumstances and financial goals.

Term Life Insurance

Term Life Insurance provides coverage for a specific period of time and offers the greatest amount of coverage for the lowest initial cost. With a Term Life Insurance policy your premiums will stay the same for a set amount of time, usually 10,20, or 30 years.

Term Life Insurance may be a good choice for debts that end, such as a mortgage or if your funds are limited.

Permanent Life Insurance

Permanent Life Insurance is different than Term Life Insurance because it provides benefits while you’re alive and can remain in force as long as you live and as long as premiums are paid. Permanent Life Insurance may build tax-free cash value. This mean the cash accumulated can help pay your premiums in the future, you can borrow the cash value or if the policy is cancelled, the cash value is sent to the policy owner.

Whole Life Insurance, which has fixed premiums and a guaranteed cash value, and Universal Life Insurance, which has flexible premiums and benefits, are popular types of Permanent Life Insurance.

Permanent Life Insurance may be a good option if you have long-term needs life income for a spouse, an inheritance for children, charities or end-of-life expenses.

For many people, a combination of Term and Permanent Life insurance is the best solution.

Why Farmers?

We know you have a busy life. With Farmers, you can conveniently manage all of your insurance in one place with one agent, Matt Jackson. Farmers through Jackson Services offers a free needs-analysis service that can simplify the process and help you determine the right life insurance for your situation. And, our multi-line discounts may save you money.

For more than one hundred years customers have turned to Farmers New World Life Insurance Company to help protect the financial security of their loved ones, the continuity of their business and the stability of their retirement incomes. For generations, in good times and bad, we have kept our promises to our customers and the ones they love.

Matt Jackson is associated with Farmers Insurance Group of Companies, one of the nation’s largest insurance groups, providing home, auto, business and life insurance, annuities and financial services.

We want to help make you smarter about life insurance now, because the more you know, the better you can plan for what’s ahead.