Term vs. Permanent Life Insurance: What's the Difference?

The biggest decision after 'how much' is 'for how long'. That's really the difference between term and permanent coverage.

Term life insurance

Covers a set period such as 10, 20, or 30 years. It usually costs less up front and suits needs with an end date — a mortgage, or raising kids.

Permanent life insurance

Designed to last a lifetime. It usually costs more and suits lifelong needs like final expenses, estate taxes, or leaving a legacy.

Using both

Many families combine a permanent base with term coverage for the high-need years. The right mix depends on your goals and budget.