Term life insurance is a specific type of life insurance, which has become very popular in recent years. Term life insurance provides protection for a specified period of time, typically 5, 10, 15, 20, 25 or 30 years (this is called the coverage term). The person to be insured selects the coverage term, and a death benefit is paid to the beneficiary (or beneficiaries) if the insured dies while the policy is still in force. Term life insurance works well for people who need coverage for only a specific period of time. For example, when a child is born, a parent may take out a 20 or 25-year term life policy to ensure that in the event of their death, the child will be provided for through his or her college years.

 

Permanent life insurance can be used not only as an insurance policy, but also as an investment vehicle. With permanent life insurance, a portion of your premium goes to building cash value with interest. This cash value can be withdrawn before death if needed.  This type of policy does not end after a specific amount of time. 

 

To obtain more information about the types of life insurance available or obtain a personalized quote call PJMI at 800-259-1422 or complete our life insurance quote form.