Life Insurance Comparison
Term vs. Permanent Life Insurance
| Term Life Insurance | Permanent Life Insurance | |
|---|---|---|
| Lifetime Coverage? | No, coverage is for a specified term | Yes |
| Can more than one life be covered? | Yes, single or joint coverage with payout on first death | Yes, single or joint coverage with payout on first OR last death |
| Cost? | Increasing premium | Level premium |
| Premium guarantees? | Initial premium is guaranteed. Renewal guarantees vary by company. | Premiums for the basic insurance coverage are guaranteed for the duration of the premium-paying period. |
| Premium flexibility? | No, premiums are payable for the entire coverage period. | Yes, some dividend options allow you to pay premiums with your dividends. |
| Death Benefit | Level benefit guaranteed | Level or increasing death benefit |
| Guaranteed cash value? | No | Yes |
| Dividends? | No | Yes |
| Investment options? | No | No, a team of professional managers invests the pooled assets of all participating policies. |
| Additional benefits and riders? | You can customize your life insurance policy by selecting from a wide variety of optional benefits and riders which vary between products. Contact Living Benefits Atlantic for more details about these options. | |