Prudential Financial – RFI
Life Insurance
The two types of life insurance are term and permanent. The one that’s right for you depends on many factors, including your budget, the amount of coverage you need, and the length of time you’d like the coverage to last.
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An important part of a sound financial plan, life insurance provides a death benefit to your beneficiaries and can replace some of the income you would have earned. This can help preserve your savings, investments, and other assets for the purposes you intended, such as education funding or paying off a mortgage.
Term insurance provides protection for a limited period of time and pays a death benefit if you die during that period. For this reason, it is commonly referred to as temporary insurance. Although term policies do not accumulate cash value, many do offer a feature that allows you to convert to a permanent policy within a certain time—without having to submit evidence of good health.
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Term insurance is a good match if you:
- Want to provide a death benefit during your peak earning years while your children are young
- Want to provide a death benefit to help pay off a loan or business debt
- Need protection until you can afford to convert all or a portion to a permanent policy
- Need to add a large amount of coverage to complement your existing permanent policy at the lowest possible initial cost
- Are willing to pay premiums that may increase if you extend coverage past the initial term period (Some types of term coverage increase annually.)
Permanent insurance is a good match if you:
- Want an income-tax-free death benefit for your beneficiary no matter when you die
- Desire to accumulate tax-deferred cash value
- Want to consider a policy that may offer a choice of death benefit options and premium flexibility
