What are the advantages and disadvantages of term insurance?
Advantages: Initially, premiums are generally lower than those for permanent insurance, allowing you to buy higher levels of coverage at a younger age when the need for protection is often greatest. It’s good for covering specific needs that will disappear in time, such as mortgages and car loans. Disadvantages: Generally, premiums increase as you grow older. Coverage may terminate at the end of the term or may become too expensive to continue. Generally, the policy doesn’t offer cash value or paid-up insurance.
