What is the difference between the Term Life Assurance and Permanent Assurance?
Term Life Assurance provides protection for a specific period of time, and pays benefits only if you die and/or become disabled during the time in which your policy is in force. Permanent assurance provides lifelong benefits as long as you continue to pay your premiums. Term assurance coverage, however, ends at the completion of the term, and since premiums increase periodically, may become too expensive to continue. The premiums for Permanent assurance remain constant for the rest of your life. Permanent insurance also builds cash-surrender values, while term insurance does not.
