Term life insurance is simple and affordable , providing a fixed amount of insurance for a specific period of time In the event of your death, the policy pays a tax-free benefit, to your beneficiaries.

Term life provides temporary protection you can customize to meet your changing needs. Because it is for a shorter term (as compared to a permanent coverage), it is also more cost-effective to cover your temporary needs, such as current liabilities, income replacement needs, permanent expenses (taxes, funeral etc.).

As the name suggests, permanent insurance covers your needs for permanent insurance. Permanent life insurance is often called whole life insurance because it covers you for your whole life – and some types can build cash value over time.

Permanent insurance costs are usually guaranteed not to increase from the time you first buy the policy. Some permanent insurance plans let you pay for a limited time and you don’t have to pay any more.

Participating life insurance is a type of permanent whole life insurance coverage that can be eligible to receive dividends. The amount of coverage you choose and your premiums are guaranteed for life.

You can use the dividends to buy more coverage, reduce your annual premium cost, earn interest inside the plan – or take them in cash. Dividends are not guaranteed.