Does the "term insurance or permanent insurance" debate still rage? Have
people concluded which is best?
It is the opinion of this author that there really is no contest. Term insurance and permanent insurance perform in different ways.
They both have a death benefit that is paid to the heirs on the death of the insured. This can be paid in the form of an income or in a lump sum.
You can add the waiver of premium rider to either type of insurance but that is about where the similarities cease. Term insurance or permanent...which do you prefer?
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The rise in popularity of
term life insurance
in recent years has caused the insurance industry to really look at
themselves. They have been forced by the people who really count, the
consumer, to re-examine their policies.
This has brought about some valuable restructuring of the life insurance policies themselves. Life insurance companies have made existing policies better and have created new types of life insurance policies.
The term insurance or permanent debate has certainly served to educate the public on life insurance matters. People know which policy they prefer.
Term Life Insurance includes policies like:
These are the permanent policies:
Each of the policies mentioned are done a bit different by the varying life insurance companies. There are also modified versions especially of the whole life policy.
In my opinion people have concluded which type of policy they want. Term insurance or permanent...isn't it great that we have a choice?
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I recently did some research on the development of the 30 year term insurance policy over the years. What I learned was quite interesting.
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