How does term life differ from permanent life insurance?
Term life provides short-term coverage, and the policy does not accrue cash value. Permanent life insurance, on the other hand, provides a lifetime of coverage with premiums that never increase. Term life insurance premiums increase as you age and may become unaffordable later in life. Permanent life insurance also has the ability to accrue cash value over time, which means you can borrow against or withdraw from these funds to cover large expenses.
