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Pregnant CoupleYou've decided to purchase life insurance to protect the financial future of your family, but which type of policy should you go with? There are different benefits to both term and permanent life insurance. We've explained the basics to get you started, which can then be followed by a discussion with your independent agent.

Term Life Insurance


Think of term life insurance as you would renting an apartment. You choose a term length — often 10, 20 or 30 years — and pay a monthly premium for the duration of the term, much like you pay rent for the duration of a lease. And just like your rent can be increased when renewing a lease, so too can your term life insurance premium when you renew your policy, depending on your age and health status.

With term life insurance, benefits are paid out to dependents only if the policyholder dies within the term of coverage. Because people are generally healthier in their 20s and 30s than they are in their 50s and 60s, it's recommended that you purchase a policy with a longer term at a young age in order to lock in that lower rate for a longer period of time. And the best part, this valuable coverage costs much less than most people expect, typically less than your monthly cell phone bill.

Permanent Life Insurance


Permanent life insurance is more of a long-term solution, much like buying a house. Your policy will be in force as long as you continue making your premium payments; coverage cannot be cancelled or dropped by an insurer, even if your health takes a turn for the worse.

Many permanent policies build cash value as you make payments, which you can often borrow against or withdraw to fulfill a need, such as sending a child to college. This is known as living benefits, or accelerated death benefits. Because permanent coverage is much more comprehensive than term coverage, you can expect the premiums to be higher.

Talk to your agent today to learn more about which type of coverage best meets the needs of your family.

Protect your loved ones for years to come. Call TCU Insurance Agency at (800) 772-8043 for more information on Indiana life insurance.
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