Term vs. “Perm”: Which is right for you? – EDWARD JONES

Written by on March 29th, 2024


If you have anyone who depends on you financially, you almost certainly need to consider life insurance. But which type? Term or permanent?

Term insurance provides coverage for a specific amount of time, usually 20 years or less. It’s generally quite affordable, which may make it a good choice for young families starting out in their careers.

Permanent insurance, such as whole life or universal life, will last as long as you keep paying the premiums. It is more expensive than term because it’s meant to last one’s lifetime and the premiums can help build cash value and provide other benefits.

So, when deciding which type is right for you, you’ll need to evaluate cost and the length of time you may need coverage. You might also consider your investment preferences. Should you buy the term policy and use the cost savings to invest the difference? Or should you buy permanent insurance and build tax-deferred cash value?

There’s no one right answer or strategy for everyone, so you’ll want to weigh all the factors. But whether it’s term or permanent, make sure you have the coverage you need to protect yourself and your loved ones.

This content was provided by Edward Jones for use by your local Edward Jones Financial Advisor, Casey Caliva, at Historical 30th & Fern. 

Edward Jones is a licensed insurance producer in all states and Washington, D.C., through Edward D. Jones & Co., L.P., and in California, New Mexico and Massachusetts through Edward Jones Insurance Agency of California, L.L.C.; Edward Jones Insurance Agency of New Mexico, L.L.C.; and Edward Jones Insurance Agency of Massachusetts, L.L.C. California Insurance License OC24309

Address:  2222 Fern St., San Diego CA 92104
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Web: www.edwardjones.com/casey-caliva