Temporary or Permanent Life Insurance?

What is the difference between temporary and permanent life insurance? Temporary life insurance is useful to make up for a death, to pay a loan, to replace the revenue of a spouse that just died or to buy back shares of a company when a shareholder dies. The life insurance policy you have at work is temporary only. Permanent life insurance protects your loved ones against debt, permanent fees and obligations, funeral fees, inheritance fees, legal fees or income tax that needs to be paid when someone dies. Of course, temporary life insurance is less expensive. For example, for a non-smoking 40 year old man, a temporary life insurance policy will cost about $12 a month. The same policy, but permanent, will cost around $50 a month. Do not choose a temporary life insurance policy just because it is cheaper, as most people need both protections, temporary and permanent. Did you know that the majority of people do not have a permanent life insurance? I often meet people that are not well protected and are putting their family heritage at risk. In order to help you choose your life insurance policy, contact me!

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