Term Life Insurance can be the best choice in many situations because it is low cost for the amount of coverage you get. If your need for a large amount of protection is for a limited time, Term insurance is temporary, so fills that need well.
Term Life Insurance is not always best, though. Sometimes the cost of Permanent rivals that of Term, especially at older ages or when health conditions are present. If you can lock in a Permanent rate a the same or lower price than Term, that is a far better deal for you.
Sometimes Permanent Life Insurance is needed for the purpose for which you are purchasing the policy. E.g. If you are age 60 and buy a 20 year Term policy for your funeral expenses, you could be in trouble if you live past age 80.
There are hundreds of term life insurance companies offering term and permanent life insurance. To determine whether term or permanent is best for you, you need to establish a personal financial profile that includes a risk tolerance assessment and your life expectancy. Then you need to determine how long your financial liabilities, future obligations and charitable intention will last. If your under 50 years of age and healthy you can secure up to 30 years of term life insurance coverage. But you may need permanent life insurance if any of those items cited above are ongoing over your life.
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Term Life Insurance is not always best, though. Sometimes the cost of Permanent rivals that of Term, especially at older ages or when health conditions are present. If you can lock in a Permanent rate a the same or lower price than Term, that is a far better deal for you.
Sometimes Permanent Life Insurance is needed for the purpose for which you are purchasing the policy. E.g. If you are age 60 and buy a 20 year Term policy for your funeral expenses, you could be in trouble if you live past age 80.